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Adjustable Rate Mortgages Information

Adjustable rate mortgages are normally written at lower interest rates than fixed rate mortgages.  Typical adjustable rate mortgages have a period of time that the rate is fixed and thereafter will adjust.  The normal ajustment periods that are offered are: 1 year, 3 year, 5 year, 7 year, and 10 year. 

Recently there has been a trend to shorter adjustables such as 1-month adjustables. 

The shorter the adjustment period the sooner the mortgage can begin to adjust to market swings. 

A 1 month adjustable can begin to adjust to market conditions almost immediately while a 10 year adjustable gives a stable interest rate for 10 years. 

It makes sense to accept an adjustable rate mortgage if a property will be sold in a short period of time.  If a person knows that within a certain period of time they are likely to move then adjustable rate mortgages are worth consideration.

Questions and comments regarding Adjustable rate mortgage information will be responded to promptly.

By Jim Jump To Comments
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