Homeowners who secured adjustable-rate mortgages could face higher monthly payments – in some cases almost double what they were paying – as the term of their loan comes to an end.is a loan with an interest rate that fluctuates periodically and the initial interest rate is typically lower than a fixed-rate mortgage, making it a1.7 million homes that average at about a million dollars were purchased in 2019 using an adjustable rate mortgage could see their rates go up, according to.
– which is one of the top mortgage lenders in the country – announced a new zero-percent down mortgage program that will allow buyers to pay for 97% of the home’s value with a first mortgage and then provide a second mortgage for 3% of the purchase price, up to $15,00. The second mortgage won’t have any monthly payment requirement or interest, but it’ll need to be paid back in full when the first loan is refinanced or paid off, whichever comes first.