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Oakland Real Estate Information: Mortgages
Adjustable-Rate Mortgages (ARMs)

Two-Step Mortgage: This special type of ARM provides the benefit of initial low rates with the stability of longer term financing because it adjusts only once - either at seven years or at five years. After that initial adjustment, the mortgage maintains a fixed rate for the remaining 23 or 25 years of a 30-year mortgage repayment term. For example, if your initial interest rate were 8%, you would pay that rate for the first seven (or five) years. Then, for the remaining 23 (or 25) years, you would pay an interest rate that is indexed to the value of the 10-year U.S. Treasury security on the adjustment date. (At the adjustment date, there is no additional refinancing cost, no forms to complete, and no re-qualification necessary.) This new rate can never be more than 6 percentage points higher than your old rate. There are no limits on how much lower the adjusted interest rate can be.

Further Oakland mortgage Information:
Oakland mortgages: About Mortgages
Oakland mortgages: Mortgage Amount and Term
Oakland mortgages: Amortization
Oakland mortgages: Fixed or Adjustable Interest Rates
Oakland mortgages: Down Payment
Oakland mortgages: Closing Costs
Oakland mortgages: Discount Points
Oakland mortgages: Conforming and Nonconforming Loans
Oakland mortgages: Fixed-Rate Mortgages
Oakland mortgages: 30-Year Fixed-Rate
Oakland mortgages: 20-Year Fixed-Rate
Oakland mortgages: 15-Year Fixed-Rate
Oakland mortgages: Adjustable-Rate Mortgages (ARMs) (page 1)
Adjustable-Rate Mortgages (ARMs) (page 2)
Adjustable-Rate Mortgages: CD-Indexed ARMs
Oakland mortgages: Adjustable-Rate Mortgages: Treasury-Indexed ARMs
Oakland mortgages: Adjustable-Rate Mortgages: Cost of Funds-Indexed ARMs
Oakland mortgages: Adjustable-Rate Mortgages: Initial Fixed-Period ARMs
Oakland mortgages: Adjustable-Rate Mortgages: Two-Step Mortgage
Oakland mortgages: Government Loans and Programs (General)
Oakland mortgages: Government Loans and Programs: FHA Loans
Oakland mortgages: Government Loans and Programs: VA Loans
Oakland mortgages: Government Loans and Programs: RHS Loans
Oakland mortgages: Government Loans and Programs: State and Local Loan Programs
Oakland mortgages: Balloon Loans


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