Interest Only Mortgage Loan Programs
There are two common types of adjustable rate mortgages (ARM), the Hybrid and Interest Only. Different types of ARM loans will have varying affects on the monthly mortgage payment, as well as affects on the interest rate and loan principal. This article looks at these two types of adjustable rate mortgages and the affects each type has on monthly payments as well as the affects on the principal balance.
Hybrid Adjustable Rate Mortgage Home Loan
A Hybrid ARM is kind of like a combination of a fixed rate and an adjustable rate mortgage. The interest rate stays fixed for a predetermined amount of years at the beginning of the loan. After the initial fixed rate is over, the remainder of the loan has an interest rate that periodically adjust to the market rates.
Hybrid ARMs are often listed to show the initial fixed rate and then how often the rate is adjusted like 3/1, 5/1, 7/1 and so on. They may also be listed to show the initial fixed rate and the remainder of the adjustable rate like 3/27, 5/25, 7/23 and so on.
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