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Call us at
706.571.0424 or 1.866.571.FMMC (3662) for a FREE Loan Analysis! |
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ADJUSTABLE RATE MORTGAGES
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| These loans generally begin with an interest rate that is 2-3 percent below a
comparable fixed rate mortgage, and could allow you to buy a more expensive home. However, the interest rate changes at specified intervals (for example, every year) depending on changing market
conditions; if interest rates go up, your monthly mortgage payment will go up, too. However, if rates go down, your
mortgage payment will drop also.
There are also mortgages that combine aspects of fixed and adjustable rate mortgages - starting at a low fixed-rate for
seven to ten years, for example, then adjusting to market conditions. Ask your mortgage professional about these and other
special kinds of mortgages that fit your specific financial situation. |
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