When you're deciding between an adjustable and fixed rate mortgage, you can use a mortgage interest calculator to figure out your best and worse case scenarios. Using a mortgage interest calculator to assess your monthly payments for a fixed rate mortgage is very straightforward, while calculating out payments with an ARM is a bit more difficult. When you get an ARM quote from your mortgage broker, ask him or her what the maximum adjustment is for a given period. Typically, they can't jump you up more than 2 percentage points in a given period, so when you figure out that piece of information, plug the highest rate into the calculator and you'll be able to see your worse case scenario. If that seems like too much, you may want to avoid the gamble and stick with the fixed rate option. Don't be afraid to let yourself be guided by your mortgage broker as well - if you trust them, they won't steer you into a bad program just to make a few bucks.
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