Adjustable Rate Mortgages (ARM)

Are you ready to take the next step in homeownership, but feel limited by the high interest rates of traditional fixed rate mortgages? Look no further than Adjustable Rate Mortgages (ARM)! These loans offer the flexibility and affordability you need to purchase the home of your dreams.

With an adjustable rate mortgage, the interest rate can vary during the loan's term. The initial rate on an ARM is typically lower than on a fixed rate mortgage, allowing you to afford a more expensive home. And with adjustable rate mortgages available in terms of 30 years and the initial rate being fixed for anywhere from 1 month to 10 years, you'll have the flexibility to make your home truly your own.

But that's not all - adjustable rate mortgages also come with "caps" that limit how much the rates can adjust. These caps ensure that you'll always be able to afford your monthly payments. For example, if you had a "3/1 ARM" with an initial cap of 2%, a lifetime cap of 6%, and an initial interest rate of 6.25%, the highest rate you could have in the fourth year would be 8.25%, and the highest rate you could have during the life of the loan would be 12.25%.

Don't let high interest rates hold you back from owning your dream home. Contact a lender today to learn more about the many benefits of an adjustable rate mortgage and take the first step towards homeownership. With an ARM loan, you'll have the flexibility and affordability you need to make your home truly your own.