Posts tagged Variable Rate Mortgage
5/6 ARM: 5/6 Adjustable Rate Mortgage in Home Loans

A 5/6 ARM is a kind of hybrid adjustable-rate mortgage in which the fixed interest rate period of the mortgage lasts for 5 years. After the fixed-rate period is over, the variable-interest rate part of the mortgage begins.

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3/6 ARM: 3/6 Adjustable Rate Mortgage in Home Loans

A 3/6 ARM is a type of hybrid adjustable rate mortgage in which the initial, fixed rate portion of the loan lasts 3 years, after which the adjustable-rate part of the mortgage begins.

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What Is a Variable Interest Rate on a Home Loan?

Much like vanilla and chocolate ice cream, home mortgage loans come in two main flavors: adjustable rate home loans, and fixed rate home loans. While the interest rate on a fixed rate loan stays the same throughout the entire life of the loan, an adjustable (or variable) interest rate loan can go up or down, depending on market conditions.

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Which is Better: A Fixed Rate or a Variable Rate Mortgage?

Choosing between a fixed rate and variable rate mortgage largely depends on your needs and plans for the future. Each has its own benefits and drawbacks, depending on your financial situation.

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