Texas adjustable-rate mortgages
In Texas you’ll find a big variety of adjustable-rate mortgage (ARM) options. The rate on an ARM typically is low and fixed during the initial or introductory period. But after that period expires, which happens after 1, 3, or 5 years, the rate is no longer fixed. It switches to a variable rate that adjusts, or changes, at certain specified intervals. ARMs make sense for people that need lower payments right now, but anticipate an increase in income sufficient enough to be able to afford higher payments later.
