What is an Adjustable Rate Mortgage?
While most borrowers prefer a fixed-rate mortgage, there are times when an adjustable-rate mortgage can be the better option. For example, if you are planning to move or relocate within the first five-to-seven years, the overall amount of interest you pay may be less on an ARM than on a fixed-rate mortgage.
The term “adjustable" often makes consumers uncomfortable, but it is important to remember that there are terms and conditions that allow the interest rate to be fixed for a period of three, five, seven, or even ten years before the first rate-adjustment. If you think this might be the solution for you, give us a call today and allow us to walk you through your options.Contact us today for more details.
Adjustable Rate Mortgage Advantages
- Allows you to have lowest interest rate lower monthly payment for a short period.
- Option to refinance if interest rates drop.
- Use the savings to pay down other debt or for other purposes.
- Great option if you want to sell your house shortly.
- Save thousands in payments vs a fixed-rate loan during the initial period.
Hello Quick Approval.
Save Your Time & Apply Online. Competitive Market Rates.