Take advantage of a lower rate with an Adjustable Rate Mortgage
ARM loan rates provide an opportunity for saving
Considering an adjustable rate mortgage? If you anticipate a significant increase in your income or property value in the next several years, plan on staying in your home short-term, or would like to significantly lower your payment, an ARM home loan might be right for you. As the name implies, Adjustable Rate Mortgages (ARMs) have interest rates that change at a pre-determined frequency. Federally insured FHA ARM rates to refinance or buy a home are also available!
Why get an adjustable rate mortgage?
- Save thousands in payments vs. a fixed rate loan during the initial period
- Use the savings to pay down other debt or for whatever you like!
- Great option if you intend to refinance or sell your home in an expected time frame
- Put as little as 5% down (FHA 3%), or refinance up to 95% of your home’s value
- Mortgage programs include: 3 Year ARM, 5 Year ARM, 7 Year ARM and 10 Year ARM. Also known as 3/1, 5/1, 7/1 and 10/1 ARMs, the first number indicates the time (in years) that the initial rate is fixed. The second number indicates how often the rate can adjust after the initial change