What Is A 5-year Adjustable-rate Mortgage?

With a 5-year adjustable-rate mortgage, you’ll get an introductory rate for the first five years you have the mortgage. These are sometimes referred to as “teaser” rates because they can be significantly lower than prevailing rates on fixed-rate mortgages. However, after that period’s over, your interest rate will change every six months.

Topics:  kate wood   what is   adjustable-rate   mortgage   nerdwallet   rates   

 

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