Adjustable Rate Mortgage

Adjustable-Rate Mortgage

A mortgage where the interest rate applied on the outstanding balance varies throughout the life of the loan.

  • Example : Bobby agreed to a mortgage of $275,000 over the next 20 years at a variable rate.  The initial interest rate applied was 2.75%.  After 18 months, the interest rate was changed to 3.40%.
  • 631.285.7000
  • 2459 Ocean Avenue, Suite #A, Ronkonkoma, NY 11779