Daytona Beach Real Estate Information: Mortgages
Adjustable-Rate Mortgages (ARMs)
Initial Fixed-Period ARMs: As protection against rapid interest
rate increases in the early years of your loan, interest rates for these
ARMs don't adjust until several years after you take out the loan. You
can choose from three, five, seven, or 10-year fixed terms. At the end
of your chosen fixed-rate period, your interest rate would adjust every
year.