We got an adjustable-rate loan because it was cheaper, and we thought our income would be much higher later.
adjustable-rate loan = a loan in which the interest rate may vary over the term of the loan
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She decided to take out a variable-rate loan, which offered lower initial interest rates but could fluctuate throughout the loan term.
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They chose an adjustable-rate loan to take advantage of lower interest rates during the first few years of their mortgage.
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We should write a book: Amazing Amy and the Adjustable Rate Mortgage.
(source)
Gillian Flynn, Gone Girl, 2012
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I had a variable-rate mortgage on my apartment when the interest rate shot up five hundred percent in October.
(source)
Stieg Larsson, The Girl with the Dragon Tattoo, 2008