Adjustable Rate Mortgages (ARM)

An Adjustable-Rate Mortgage (ARM) loan offers several advantages for borrowers, particularly in the initial period of the loan. Initially, ARM loans often have lower interest rates compared to fixed-rate mortgages, making them an attractive option for those looking to save money on interest payments in the short term. This lower initial rate also potentially allows borrowers to qualify for a larger loan amount, thereby affording a more expensive home.

Do I Qualify?

Most homeowners get into adjustable-rate mortgages for the lower initial payment, and then usually refinance the loan when the fixed period ends. At that time, the interest rate becomes variable, or adjustable, and the homeowner would likely refinance into another ARM, something fixed, or sell the home outright.


Furthermore, for those who plan to sell their home or refinance before the end of the initial fixed-rate period, an ARM can provide the financial flexibility needed without the commitment to a long-term, higher fixed rate. Get a quick and easy quote on an ARM & save thousands of dollars per year.

Misconceptions

An ARM is an Adjustable Rate Mortgage. Unlike fixed rate mortgages that have an interest rate that remains the same for the life of the loan, the interest rate on an ARM will change periodically. The initial interest rate of an ARM is lower than that of a fixed rate mortgage, consequently, an ARM may be a good option to consider if you plan to own your home for only a few years; you expect an increase in future earnings; or, the prevailing interest rate for a fixed mortgage is too high.


We’re here to make it a whole lot easier, with tools and expertise that will help guide you along the way, starting with our Adjustable Rate Mortgage Qualifier.


We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you. 

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