Let's see. Yeah. Let's talk a little bit about an adjustable rate mortgage.
That is simply one where the rate isn't fixed. We talked a little bit about a fixed rate mortgage last time. But adjustable rate just simply means that the rate you start your loan with isn't guaranteed to be the same throughout the course of the loan. They can change over time, typically at either yearly or monthly intervals, but they can do it. However, your loan terms are set.
So typically that's based off of a Federal Reserve base amount. But these aren't a real common loan, especially if you are a first time home buyer. But ask about it, especially if you're looking at investment. It could make sense. Hope this helps!
