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Are there just two kinds of mortgages rates: fixed and adjustable?

April 26, 2017Adjustable fixed mortgages rates

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Are there just two kinds of mortgages rates: fixed and adjustable?

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You could say that, because all mortgages rates fall into one of these two categories – that is, the interest rate you pay is either the same (fixed) for the life of the mortgage, or it can change (adjust) over the life of the mortgage. But within these two broad categories, there are many different kinds of mortgages, designed to fit people in different financial situations, and many of them are especially for first-time homebuyers.

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You could say that, because all mortgages rates fall into one of these two categories – that is, the interest rate you pay is either the same (fixed) for the life of the mortgage, or it can change (adjust) over the life of the mortgage. But within these two broad categories, there are many different kinds of mortgages, designed to fit people in different financial situations, and many of them are especially for first time homebuyers.