What is a 5/1 and a 7/1 mortgage? Can someone expain this to me?

I give my house to an investor,and immediately he give me an eviction.he be my exboyfriend and i merely want my house?

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Answers:   5/1 means that your interest rate will adjust within 5 years and then every year after that.

7/1 resources that your interest rate will adjust in 7 years and later every year after that.

If you plan to stay in a home for smaller quantity than these years, then this Adjustable Rate Mortgage is for you. If this is the home you going to stay contained by for a very long time, afterwards you are better off next to a fix rate loan.

When renting are landlords properly allowed to charge tenant to put their deposit into a protection cook up?

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The first number is the years that are at the initial fixed rate. The second number is how often the rate is reset after that. So a 5/1 is at a designated rate for five years. Then it floats against an index to be exact reset every one year -- usually the LIBOR index or treasuries + the stated margin.

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