What Are Fixed Rate and Adjustable Rate Mortgages?

When you sign a mortgage, it will either have a fixed rate or an adjustable rate. Most mortgages are fixed rate, which means the payments lenders make on them do not change until they are paid off. In contrast, adjustable rate mortgages will change depending on the home’s market value.

If you have an adjustable rate mortgage, you may find yourself paying more than you originally agreed to. Unfortunately, this can become a serious financial hardship. If you are worried about foreclosure on your home due to missed mortgage payments, contact the West Palm Beach foreclosure defense lawyers at Eric N. Klein & Associates, P.C. by calling 561-353-2800 to discuss your options.