The two most common types of two-step mortgages are the 8/22 and 12/18,in which lenders offer a lower interest rate for the first 8 or 12 years and then adjust the rate for the remaining 22 or 18 years.

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The two most common types of two-step mortgages are the 5/25 and 7/23, where the interest rate is fixed for the first 5 or 7 years and then adjusts to the prevailing market rate for the remaining 25 or 23 years.

The Two Most Common Types of Two-Step Mortgages Are the 8/22