adjustable rate mortgages
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Adjustable rate mortgages provide flexibility for the home buyer. Adjustable rate mortgages provide alternative financing when mortgage interest rates are high. Because these mortgages carry lower risk for the lender than fixed rate mortgages, their interest rates are normally lower than fixed rate loans. Best of all, when rates fall, the homeowner's monthly payments fall. Finally, the homeowner can refinance the property with a fixed rate loan when rates are low.
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The most common adjustable rate mortgages have rates that are tied to some index, like one year treasury bills (although there are others, like the Cost Of Funds index). The usual approach is for the lender to add a percentage to this index to come up with the annual interest rate for your loan, and to update this rate each year on the anniversary of the loan. There are also mortgages that adjust less frequently, like every three years, and some that stay fixed for an initial period of perhaps five years, then begin adjusting every year.
Many adjustable rate mortgages start out at a discounted rate, then adjust to the standard rate in a year or two. This discount can be helpful to the new homebuyer who needs to have extra funds available for moving into and setting up his/her household in the early years of owning the property.
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