Refinance, something to read about
Adjustable rate mortgages (ARMs) are more complicated. A simple explanation would be to say that you start out with a fixed interest rate at the beginning of the loan term, which then resets when interest rates rise during the remaining years. The fixed rate period lasts for only a few years. Some borrowers may qualify for one of the so called specialty loans that are currently available. Bridge mortgage loans grant temporary funds to borrowers who cannot close on the sale of their current home before they close on their new home.