<human>: What's the difference between a mortgage and an ARM?
<bot>: The primary difference between a mortgage and an adjustable-rate mortgage (ARM) is that with a mortgage, you are essentially borrowing money from a lender to purchase property or land, while an ARM allows you to borrow money at a fixed interest rate for a set period of time before your interest rate adjusts according to market conditions. With a mortgage, you will be required to make regular payments over the life of the loan, while an ARM may have a shorter initial term with higher monthly payments than a traditional mortgage. Additionally, mortgages typically require you to pay off the entire balance upon maturity, whereas ARMs may allow for partial payment forgiveness after a certain number of years.