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.
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.
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