A key feature to ask your lender Jacksonville Florida about is the adjustment period, or how often your interest rate may change, because of potential changes in economic conditions. Many adjustable-rate mortgages have a one year adjustment period, which means that the monthly payment and interest rate are refigured. Longer adjustment rates may be an option depending on the lender.  A “teaser rate” is a falsely low introductory interest rate offered by the North Florida lenders to entice the homebuyer. Teaser rates are usually good for six months, and then the interest rate goes up to the calculated interest rate. Most lenders will not use the teaser rate to qualify you for the loan, but will use a more fixed rate.