If you are planning to stay in your existing or new home for a specified period, adjustable rate financing may be your best choice. First time homebuyers who are likely to upgrade to a larger home should consider this option.
Adjustable rate loans are typically fixed for a period of time, and then after that period the interest rate will adjust according to a specified index. The rate, when adjusted, is determined by the index plus a margin.
The initial fixed term on an adjustable loan can be for as little as a month or as long as 10 years. It is important to determine how long you intend on owning your home to allow for an informed choice on the type of adjustable rate program that you would consider. Any of our loan officers will be happy to explain the details.
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