Adjustable Mortgage Rate

An adjustable mortgage rate is also known as variable rate mortgage. Adjustable rate mortgage is a loan that is secured on a property whose interest rate and monthly rate varies for a period of time. A lender transfers a part of the risk of adjustable rates to his borrower.

Adjustable rates can be used where irregular interest rates makes fixed rate loans and are difficult to obtain. The borrower gets the benefit if the interest rate goes down, and also suffers if the interest rate jumps up. Adjustable rate mortgages, like other types of mortgage, may offer the facility to repay principal early without penalty

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