type 2/28?

yes- 2/28 is a mortgage that has a fixed rate for two years and then can adjust once every year for the rest of the life of the mortgage. the fixed rate of an adjustable rate mortgage is typically lower than a normal fixed rate. This type of mortgage is good if you do not intend to live in your home for more than few years. You can also get an adjustable rae mortgage that is fixed for 3 or 5 years- if youre unsure as to how long you will stay in yur home I would suggest a 3 year- then if you decide to move before the 3 years are up youre good- if you decide to stay longer you can always refinance and get another adjustable or fixed rate mortgage- how rates are now I wouldsuggest going with an adjustable rate mortgage

2/28 Adjustable Rate Mortgage (2/28 ARM)

A type of adjustable-rate mortgage that has a two-year fixed-interest rate period after which the interest rate on the mortgage begins to float based on an index plus a margin. The index plus the margin in known as the fully indexed interest rate. Often, a 2/28 ARM is designed as a short-term financing vehicle that allows the borrower time to repair their credit until they are able to refinance into a mortgage with more favorable terms.

In many cases, a 2/28-mortgage borrower fails to recognize the risks associated with such a mortgage. They often don't recognize how much their monthly payments will increase when the interest rate starts to adjust at a higher rate. It is important to note that there is usually a high probability that the fully indexed interest rate will be substantially higher than the initial two-year fixed-interest rate. Once this number adjusts, the borrower's payments will most likely increase as well.