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31-05-2022
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The Johnsons are shopping for a mortgage loan and are attracted to the below-market interest rate offered for the first year of an adjustable rate mortgage. What's this type of rate called

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Parrain Parrain

06-06-2022

Based on the fact that this is the first year rate on an adjustable rate mortgage, the Johnsons are most likely seeing a teaser rate.

What is a teaser rate?

This is a rate that is commonly included with an adjustable rate mortgage to entice customers to take out such loans.

It is normally lower than the market rate, but only for a short time before the bank modifies the mortgage.

Find out more on adjustable rate mortgages at https://brainly.com/question/545887.

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