Who knew that there were so many different types of loans to finance Northeast Fl real estate? Lets look at other loan options available to Northeast Fl homebuyers.  It is vital that you know what they are as well as the suitability of each to your needs. A 7/1 year adjustable rate mortgage involves a constant interest rate and monthly payment for 7 years. Then, the interest rate and payment can change. This loan is ideal for those who anticipate living in a property for more than 7 years, desire an initial steady payment, or those planning to move in 7 years. A 7/23 mortgage is best for those planning on living in the house for more than 10 years, can accept one payment adjustment, or plan to move in 7 years. In this type of loan, the interest rate and monthly payment stays the same for seven years. During the eight year, the interest rate changes to reflect current rates. The payment for the remainder of the loan will stay the same. If you intend on staying in the home for more than 7 years, are willing to refinance at current market rates, or plan to relocate in 7 years, and like payment stability, then a 7 year balloon mortgage may be for you. In this loan, the interest rate and monthly payment stays the same for seven years. At the end of seven years, the loan is due in full. The borrower has to refinance into a new loan at prevailing interest rates.