Adjustable rate mortgages (ARMs) have interest rates that are subject to change at some point during the loan term. Most adjustable rate loans come in 30-year repayment terms. However, the loan's initial interest rate will change after a negotiated period of 3, 5, 7, or 10 years.
ARMs allow clients to receive a lower interest rate at the beginning of their loan term than what is currently offered through fixed rate programs. This is a great loan alternative for clients who only plan to stay in their home for a few years – typically moving before the rate is scheduled to change – or if you are refinancing from a higher rate loan.
To find out if this program is right for you, contact a loan expert:
Call us at 1-800-700-5839 or Apply Here