This is a YouTube video titled "🚨 Fixed Rates vs ARM Rates 🚨" containing an explanation about mortgage types, specifically fixed rate and adjustable rate mortgages, discussing their terms and conditions. The content appears to be a single speaker providing financial information about home loans, created on January 13, 2022.
Generally, between 90 to 95% of all homeowners have a fixed rate on their mortgage. Just like it sounds, it's a fixed rate fixed payment for the entire duration of the mortgage loan. An adjustable rate is usually the other option. This is still possibly a 15 to 30 year term in total, but the first 3 to 10 years is a lower incentivized monthly payment and interest rate. Then it adjusts at that breaking point to the market rate at that time, usually higher. So it only makes sense if you know you're going to move out of the house by that time, or you're going to refi by that time with adjustment rate to be about.
