8. which of the following is true about fixed and adjustable - rate mortgages? *\nfixed - rate mortgages…

8. which of the following is true about fixed and adjustable - rate mortgages? *\nfixed - rate mortgages have a constant payment every month, but an interest rate that increases throughout the term of the loan\nfixed - rate mortgages have a fixed interest rate for a few years, after which time the interest rate fluctuates according to general market conditions\nadjustable - rate mortgages have a fixed interest rate for a few years, after which time the interest rate fluctuates according to general market conditions\nthe two mortgages work the same way but are called different names depending if they come from a bank or a credit union

8. which of the following is true about fixed and adjustable - rate mortgages? *\nfixed - rate mortgages have a constant payment every month, but an interest rate that increases throughout the term of the loan\nfixed - rate mortgages have a fixed interest rate for a few years, after which time the interest rate fluctuates according to general market conditions\nadjustable - rate mortgages have a fixed interest rate for a few years, after which time the interest rate fluctuates according to general market conditions\nthe two mortgages work the same way but are called different names depending if they come from a bank or a credit union

Answer

Brief Explanations:

Fixed - rate mortgages have a fixed interest rate for the entire loan term, resulting in a constant monthly payment. Adjustable - rate mortgages typically have a fixed rate for an initial period (a few years), after which the rate adjusts according to market conditions.

Answer:

Adjustable - rate mortgages have a fixed interest rate for a few years, after which time the interest rate fluctuates according to general market conditions.