WASHINGTON (TND) — Homeowners who secured adjustable-rate mortgages could face higher monthly payments – in some cases almost double what they were paying – as the term of their loan comes to an end.

For context, an adjustable-rate mortgage is a loan with an interest rate that fluctuates periodically and the initial interest rate is typically lower than a fixed-rate mortgage, making it a good choice if you plan to own your home for only a few years.

1.7 million homes that average at about a million dollars were purchased in 2019 using an adjustable rate mortgage could see their rates go up, according to Bloomberg. Because the initial periods for these loans are usually three, five, seven or 10 years, many of them will be maturing this year, so borrowers will have to pay market rates or refinance at the best rate they can get.

If we do the math, a mortgage based on a 2019 interest rate of 3.5% is going to almost double to around 6.5%.

With 30-year fixed-rate mortgage rates hovering above 7%, consumers are looking for other ways to purchase homes.

United Wholesale Mortgage – which is one of the top mortgage lenders in the country – announced a new zero-percent down mortgage program that will allow buyers to pay for 97% of the home’s value with a first mortgage and then provide a second mortgage for 3% of the purchase price, up to $15,00. The second mortgage won’t have any monthly payment requirement or interest, but it’ll need to be paid back in full when the first loan is refinanced or paid off, whichever comes first.

According to the National Association of Realtors, four out of 10 first-time homebuyers used no-down-payment mortgages in 2005 and 2006, but other than Veterans Affairs and Department of Agriculture zero-down loans, they pretty much disappeared after the 2008 market crash.

However, they have come around every few years since then.

To qualify for the zero-percent down mortgage program, borrowers have to be at or below 80% of the area median income for the address of the property they’re buying, or the borrower has to be a first-time homebuyer.

ncG1vNJzZmivp6x7uLbAnKuvZpOkunC6xLCqaKaRqbawuoywpquklGS6qrjLoqanq12ks26tzJ6popuRo8Bur86uo51lo5qybsDHnqCrZZ2kv7WzwKCcZqqRqbK0edKomKtlnaS7tbTLsmSpmamisq%2FA0maYnaKlqMGirsueZKuZpJp6rbvAp2SipqSav6a%2F02akqKaVrnq7sdGoZKmdopiyr8CMnaawpl2qu6rAxJ1ksKCfobK0rcue