| eHow of the Day  Adjustable and fixed rates are the two options for mortgages. A fixed rate mortgage means that whatever interest rate is agreed upon when the homeowner signs for a mortgage is the interest rate that will be paid over the entire life of the loan. An adjustable rate mortgage (ARM), on the other hand, will vary based on interest rates in the market and usually resets to a higher interest rate after a predetermined number of years. The interest increase is usually tied to an index. Each type of mortgage offers benefits and drawbacks.…keep reading More Like This New on eHow | ADVERTISEMENT Follow Us   |
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