Answered

Explore Westonci.ca, the leading Q&A site where experts provide accurate and helpful answers to all your questions. Our Q&A platform offers a seamless experience for finding reliable answers from experts in various disciplines. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.

Sally and Tom are about to get a mortgage for their first home. If they want to make the same monthly payments for the life
of the loan, they should get an ARM (Adjustable Rate Mortgage).
True or False

Sagot :

sebastiansierraocm

Answer:

False

Explanation:

An Adjustable Rate Mortgage is the opposite: it is a type of mortgage that has payments that vary throughout the period of loan. They vary according to some index, variable rate, or agreement between the loaner and the borrower.

Sally and Tom should seek a Fixed Rate Mortgage instead. That is a type of mortgage whose payments do not vary across the life of the loan. In other words, a Fixed Rate Mortgage is an annuity.

Thank you for trusting us with your questions. We're here to help you find accurate answers quickly and efficiently. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. We're dedicated to helping you find the answers you need at Westonci.ca. Don't hesitate to return for more.