In the field of home financing, "hybrid" mortgages have grown in popularity with homebuyers. With interest rates gradually rising in today's market, the hybrid mortgage product saves money, provides a period of fixed-rate security and helps buyers qualify for financing.

Hybrid mortgage loans offer a very low fixed-rate for a period of time, usually from 5 to 7 years, then revert to an adjustable rate mortgage (ARM) for the remainder of the term of the loan. The interest rate is typically lower than with a 30-year fixed-rate loan, and the borrower has the assurance that the rate will not change for a period of years. Such a loan works well for buyers who plan on reselling the home within a finite period.

Other specialty mortgages now available include an ARM loan with a provision allowing it to be converted to a fixed-rate loan when that is a practical step for the borrower. Still others offer an interest-only loan that requires payments to be made on the interest only for a specified number of years, then reverts to an amortized loan with interest and principal payments each month. Consult with an experienced mortgage professional to determine whether one of these loan products will meet your needs.

	See All Tips In The "Financing Your Home" Category >
	See Complete Library Of Hundreds Of Tips In 30+ Categories >

Sue Meservier - Meservier & Associates
The Maine Real Estate Network
75 John Roberts Road
South Portland, Maine 04106
34 Center Street Auburn, ME 04210
Office: 207-784-2525
Fax: 207-689-9801
Mobile: 207-576-5488
suemeservier@NUMBER1EXPERT.com
sue@meservier.com

"Today's Real Estate Professionals, Opening New Doors"
(Formerly of Keller Williams Realty Mid Maine)

www.Meservier.com is brought to you by Sue Meservier, real estate for
Auburn, Lewiston and Turner, Maine

Read Sue Meservier's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge