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Adjustable Rate Mortgages
Offering a lower interest rate and payments.
With our great Adjustable Rate Mortgages (ARM), your initial interest rate is set for 5 or 7 years. After that time your rate could increase or decrease. ARM loans usually offer a lower beginning rate compared to a traditional fixed rate mortgage.
Consider an adjustable rate mortgage if:
- You plan to be in your home less than 10 years
- You think rates will remain steady or decline during the initial term of the loan
- You desire a lower monthly payment and are comfortable with a variable rate
Things to know:
When you see an ARM described as 5/1 or 7/1, here is what the numbers are saying:
- The first figure refers to the initial number of years your interest rate will stay the same, or is locked.
- The second figure is the adjustment period. This shows how often the rate can change (up or down) annually, after the initial period has ended.
To speak to a Mortgage Specialist, please call 877-628-5626 or email us today. Visit our Mortgage Center for current rates.
NMLS# 198524.
