Monday, September 25, 2006

Consumer Handbook on Adjustable Rate Mortgages

Author/Publisher(s): Federal Reserve Board Read Online: Consumer Handbook on Adjustable Rate Mortgages (offsite) Download: Consumer Handbook on Adjustable Rate Mortgages (Adobe PDF Download) Adjustable rate mortgages vary in cost over the life of your home loan. This Federal Reserve Bank guide to variable rate mortgages is given by banks to consumers who choose an adjustable rate mortgage.

Recommendation

With an adjustable-rate mortgage, your future monthly payment is uncertain. Some types of ARMs put a ceiling on your payment increase or interest-rate increase from one period to the next. Virtually all types must put a ceiling on rate increases over the life of the loan. This publication developed by The Federal Reserve Board and the Office of Thrift Supervision in consultation with many other agencies and trade and consumer groups, explains many of the terms you will be faced with in choosing an adjustable rate mortgage.

This publication is available in Spanish. En espanol: Hipotecas a tasa ajustable (ARM). [Download Spanish PDF]

Keywords

Adjustable Rate Mortgages, Variable Rates, Arms, Mortgage

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