One of the options you can consider is a rate cap or even a rate lock, if your mortgage allows it. A rate cap puts a limit on how much your rate can increase in a specific period or over the lifetime of your loan. It’s like your safety net against skyrocketing rates. There are generally two types of caps: the periodic adjustment cap and the lifetime cap. The periodic cap limits how much your rate can change during any single adjustment period, while the lifetime cap controls how much your rate can rise over the entire duration of your loan. Now, you might be thinking, what if I could freeze my rate, right where it is? Well, some variable-rate mortgages offer exactly that option – it’s called a rate lock. This means you can switch to a fixed interest rate at some point during your loan term, essentially freezing your rate for the rest of your loan’s life.
TOPICS AND TIMESTAMPS:
Variable Rate Mortgage 0:00
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