Adjustable Rate Mortgages (ARM) are not very unpopular right now thanks to the media bashing them. To make things worse, they currently (August 31, 2007) have higher rates than Fixed Rate Mortgages. This poses a problem for people that want a lower payment but now are demanding the secure rate of a Fixed Rate Mortgage.
The answer to this problem is found in Hyrbid Mortgages. These loans combine the security of a long-term rate with a lower payment in the early stages of the loan.
My favorite Hybrid Mortgage program is a 30 year Fixed Rate with 10 years or 15 years of Interest Only.... hence the Hybrid moniker.
The Features of the 30 year Fixed with Interest Only are:
- Lower payments than traditional 30yr Fixed
- Longer Interest Only period than most people remain in the same property
- Pairs great with any Mortgage Pay-off Program
Whatever your strategy is with your Mortgage Plan, this is Hybrid 30yr Fixed Rate Mortgage is a great loan to consider!
For more features and benefits, read more at: Florida Mortgage Fixed Rate Loans with Interest Only Option
To purchase or refinance with this Mortgage today, contact your favorite Mortgage Broker Today!