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Adjustable Rate Mortgage (ARM)
Similar to Fixed Rate Mortgages, Adjustable Rate Mortgages
– often called ARMs
– are typically amortized over 15 or 30 years. However, these loans usually have a fixed interest rate only for an initial period of time. You may choose how long you’d like the rate to be fixed, typically 1, 3, 5 or 7 years. After this period, the rate may adjust based on current market conditions. Your rate may then adjust at ongoing regular intervals, such as, once per year.
You should consider an Adjustable Rate Mortgage (ARM) when you…
Plan to stay in your home less than 5 years
Don't mind having your monthly payment periodically change (up or down)
Comfortable with the risk of possible payment increases in future
Want to borrow more and get a lower monthly payment than a standard fixed rate loan
ARM Advantages
Lower initial monthly payment
Lower payment over a shorter period of time
Rates and payments may go down if rates improve
May help qualify for higher loan amounts
Contact Us Today to learn more about Adjustable Rate Mortgages.
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