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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 potentially lower than that of a fixed rate mortgage, consequently, an ARM maybe 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 much higher.
We’re here to simplify the home loan process and make your home finance experience as personal and enjoyable as possible. We're here to help! Get started today with our FREE Adjustable Rate Qualifier.
We’ll help you clearly see the differences between your loan options, enabling you to choose the option that truly fits your needs, whether you’re a first-time home buyer or a seasoned investor.
Here's how our home loan process works:
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.
Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below:
