What is a five year Adjustable, with a 30 year term mortgage ?
Answer:
The loan's rate is fixed for the first five years. After that, it becomes an adjustable rate mortgage, with a 30 year term.
Other variations include fixed periods of seven or 10 years before adjusting annually.
Generally, this is attractive for borrowers who expect to be in the house for a short period of time.
Other variations include fixed periods of seven or 10 years before adjusting annually.
Generally, this is attractive for borrowers who expect to be in the house for a short period of time.