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The downside is that your payments will increase if/when the rates go up.Since an ARM rate rises and falls depending on the prevailing interest rate, your mortgage payment will rise and fall accordingly.If your income is not sufficient to cover the highest possible payments, then this option is not for you.It is in your best interest to investigate each of them to determine which is the best for your situation. Adjustable-Rate Mortgages (ARMs)If you are more comfortable in taking a risk with your money or if interest rates are very high at the time you take out your loan, an adjustable-rate mortgage (ARM) may be the solution for you.
You might also choose this type of loan if your planned ownership of the property is short-term or if you expect your income to increase to cover any potential rise in the interest rate.
When meeting with the seller or listing agent, keep your emotions in check.