How Adjustable Rate Mortgages Work

With an adjustable-rate mortgage, your interest rate is fixed for a specific period. Once that time period is over, your interest rate could possibly change yearly depending on the market. In other words, your monthly mortgage payment can fluctuate up or down each year. Your interest rate won’t go up usually by more than 5% of the starting rate throughout the remainder of the loan.

Some popular options are 5/1 and 7/1 Adjustable Rate Mortgage (ARM), where your interest rate is fixed for 5 years and then adjusted every year after that. The loan is usually amortized to 30 years.

Different Types Of Adjustable Rate Mortgages | Guaranteed Rate in Tampa FL

You could obtain an adjustable-rate mortgage with an FHA, VA, USDA, Conventional, and Jumbo loans.

Ways You Can Save With An Adjustable Rate Mortgage

The Benefits of Getting a Loan From Tampa Bay Home Mortgage

Why Choose Tampa Bay Home Mortgage

Tampa Bay Home Mortgage is ready and willing to provide quality service to those in need. We treat each need in accordance to the person and their needs. Choose us today!