Adjustable Rate Mortgage (ARM)
ARMs can save borrowers money on their loan in the short term, with a variety of payment options in the future. This product is perfect for those who aren’t planning on staying in their home for a long time.
We offer adjustable rate mortgage (ARM) loans with terms of 3, 5, 7 and 10 years. An adjustable rate mortgage provides the borrower with a lower initial payment, yet carries a degree of uncertainty. An ARM loan will temporarily lock into a rate at the time of closing. After the initial lock period ends the rate will adjust for the remaining life of the loan, depending on market rates at that time. Adjustable rate mortgages allow borrowers to take advantage of lower interest rates without refinancing, however they should always prepare for rate increases as well. If you are considering a refinance or a move in the near future, an ARM loan may be a great option for you as the lower initial rates can offer a cheaper route for borrowers who don’t plan on staying in one place for long.
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