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.
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