a teaser loan is an adjustable-rate mortgage loan in which the borrower pays a very low initial interest rate, which increases after a few years. Teaser loans try to entice borrowers by offering an artificially low rate and small down payments, claiming that borrowers should be able to refinance before the increases occur.

a teaser loan is an adjustable-rate mortgage loan in which the borrower pays a very low initial interest rate, which increases after a few years. Teaser loans try to entice borrowers by offering an artificially low rate and small down payments, claiming that borrowers should be able to refinance before the increases occur.

Bank Of America will give you 0% but it is a teaser rate. It will only be for a limited time period and then the rate adjusts to 9.99%.

Rate of interest in the initial period period is less and goes up subsequently.

Teaser