Hybrid loans are another type of loan that is becoming increasingly popular in Jacksonville Florida. A hybrid loan combines features of both fixed-rate and adjustable-rate mortgages giving Jacksonville home buyers many choices. A hybrid loan will usually start with a fixed-rate for a certain length of time, and then switch to an adjustable-rate mortgage later. It is important to check with your Jacksonville Florida lender to find out how much the rate may increase after the conversion. Some loans do not have an interest rate cap after the first adjustment period others do. Some hybrid loans may start with a fixed interest rate for several years, and then change to another fixed interest rate for the remainder of the loan. Lenders often charge a lower introductory interest rate for hybrid loans versus a traditional fixed-rate, which entices many buyers who plan to stay in their properties for a short time to choose a hybrid loan knowing before the rate increases they will have already sold their home.