ADJUSTABLE RATE MORTGAGE

Adjustable rate mortgages (ARM) are ideal for borrowers in certain scenarios, like those interested in short-term purchasing or expecting increased income in the near future. These mortgages usually offer lower initial interest rates (typically for a set period of time), resulting in lower monthly payments.

Adjustable Rate Mortgage

FEATURES

● Various terms available- 10 year ARM, 7 year ARM, and 5 yearARM

● Lower interest rates and lower payments at the beginning of the loan

● Offers flexibility and more options for buyers planning to move or expecting an income increase in the future

WHAT IS AN ADJUSTABLE RATE MORTGAGE?

An adjustable rate mortgage (ARM) is loan with an interest rate that adjusts over time based on the market. ARMs usually start with a lower interest rate but will increase after a specific term. Rates may change from time to time, usually in relation to an index (like the Secured Overnight Finance Rate). When the rates change, so do the monthly payments.

Borrowers interested in this type of mortgage should take into consideration the risk involved with an uncertain interest rate when budgeting for their home financing. That said, for anyone who isn’t expecting to stay in their home for the full life of their loan, this could be a great way to save money while planning for the future.

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Using a simple application process - and our expansive knowledge of the mortgage industry we can help guide you through the steps to check if you can get pre-qualified for a loan today.

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