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There are two different types of mortgage loans available. Fixed rate loans and adjustable rate loans. The adjustable rate loans usually start off with a lower interest, but the interest will change throughout the life of the loan.
The adjustable rate mortgage is found in four different parts. The initial interest rate, the adjustment interval, the index and the margin. The initial interest is usually a few points lower than fixed rate loans. The adjustment interval is the time where the loan interest rate will change. The index is where lenders see what they are making on this investment verses what they could be making on other investments. The margin is the additional interest the lender calculates to get a more accurate index comparison.
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