Adjustable Rate Mortgages
Adjustable Rates give you the opportunity to lock a low rate and save thousands.
With our Adjustable Rate Mortgage, you’ll get the lowest rates we offer, saving you thousands over the life of a traditional Fixed Interest Rate Mortgage during the initial fixed interest rate period. As the name implies, Adjustable Rate Mortgages (ARMs) have interest rates that change at a predetermined frequency. Federally insured FHA ARMs are also available!
Adjustable Rate Mortgages Are Good For:
If you’re looking to significantly reduce the cost of your mortgage, plan to move or refinance in the next 5, 7, or 10 years, or want the lowest interest rate available, you’ll want to explore an ARM. This option could also be a great fit for you if you anticipate a significant increase in your income or property value in the next several years. Let our Loan Officers guide you to making the right move.
Adjustable Rate Mortgage Details
Talking to a licensed Loan Officer is the first step to getting the right mortgage loan. Everyone has different loan needs and qualifications, and your Loan Officer will know which questions to ask in order to best match you with the right loan and monthly payment that you qualify for.
- Save thousands in payments vs. a fixed interest rate loan during the initial period
- Use the savings to pay down other debt – or for whatever you like!
- Great option if you intend to refinance or sell your home in an expected time frame
- FHA programs are available along with refinancing options.
The interest rate on an Adjustable Rate Mortgage changes after a predetermined, fixed interest rate period of time. What happens after the fixed interest rate period ends? Once your loan enters its adjustable-rate period, interest rate caps are put in place. They identify the maximum amount your rate can increase, both at the end of each adjustment period and over the life of the loan as a whole. Contact one of our licensed Loan Officers today for details, and find the right loan for you!
‘Hybrid ARMs’ are very popular, featuring an initial fixed-rate period, which then changes to an adjustable rate for the remainder of the loan. They are typically represented as a 3/1, 5/1, 7/1, or 10/1. The first number indicates the time (in years) that the initial interest rate is fixed. The second number indicates how often the interest rate can adjust after the initial change.
Secure your Adjustable Rate Mortgage At One of Our Branches
With licenses across the country and local branches in your neighborhood, you’ll find it stressless to trust us with your home financing. All of our Loan Officers are federally licensed. Talking to a licensed Loan Officer is the first step to getting the right mortgage loan. Everybody has different loan needs and your Loan Officer will know which questions to ask in order to best match you with the right loan and monthly payment. Personalized Help. The Loan Officer will also explain all the steps–from getting started, to locking in your low rate, to closing your loan Because we are a direct lender, if you have any questions during the loan process, you will have one direct number enabling you to get quick answers straight from the source.
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Whether you’re looking to buy or refinance, we have a loan program for you. Get started on the road to accomplishing your mortgage needs with us at Absolute Home Mortgage.