Adjustable-Rate Mortgages

An Adjustable-Rate mortgage is ideal if you don’t plan to stay in your home for more than 7 years and would like to have a lower monthly payment now.  The rate is typically a lower interest rate than Fixed-Rate mortgages and are fixed for a specific term.  After that loan term expires, the rate is adjusted for a specific period of time and can fluctuate if the index rate goes up or down.