Are Adjustable Rate Mortgages Right For You?
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Understanding the Adjustable Rate Mortgage...
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An ARM is a variable rate mortgage. Unlike fixed-rate mortgages, whose interest rate stays the same over the life of the loan, the interest rate on an ARM is fixed for a period of time before it changes regularly. The initial interest rate on an ARM can be lower. So from a fixed-rate mortgage, an ARM can be a good option if you only plan to own your home for a few years. After the fixed period, depending on the market index for the adjustable, borrowers could expect an increase to the rate causing the overall mortgage payment to increase.
As your Lender, we are here to ensure the home mortgage process is less intimidating by providing support and understanding designed to help guide you along the way, starting with our Adjustable Rate Searcher.
Our process educates while explaining differences between various Adjustable loan programs. This proactive approach allows you to select the ideal Adjustable loan program for the first-time home buyer or seasoned investor.
Standard Process for the Adjustable Rate Mortgage Loan
Steps that explain how the loan process works:
Do I Qualify?
Most homeowners obtain an adjustable rate mortgage for the lowest down payment and typically refinance the loan after the fixed term has expired. At this point the interest rate becomes floating or adjustable, and the homeowner will likely refinance with another ARM, something fixed, or sell the home outright.