Georgia adjustable-rate mortgages
The typical adjustable-rate mortgage (ARM) starts out with a low rate before switching to a variable rate. When that switch takes place and at what interval the variable rate changes depend on the type of ARM and the index (such as the 12-month moving Treasury average) to which the ARM is tied. ARMs are considered riskier than FRMs. Some borrowers start with an ARM then refinance when they’re able to afford a FRM.
Georgia second mortgages
When you want to turn your equity into cash, you can either refinance or apply for a second mortgage. A home equity loan, which is considered a second mortgage, offers a fixed rate. Comparison with the mortgage refinance process is common as both are sought for a similar purpose; however refinancing may offer a lower rate. A home equity loan may be a better choice if your goal is quick repayment of debt or when you already have a locked-in low rate on your first mortgage.
