Adjustable Rate Mortgages
The Lowdown on Adjustable Rate Mortgages...
Do I Qualify?
Our Adjustable Rates Are Low & Our Process is Quick & Painless
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 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 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 FREE Adjustable Rate Mortgage Qualifier.
We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you whether you’re a first-time home buyer or a seasoned investor.
The Adjustable Rate Mortgage Loan Process
- Check Eligibility:Review income, credit score, and debt-to-income ratio.
- Choose a Lender:Compare lenders offering ARM loans and their terms.
- Get Pre-Approved:Submit financial details to receive a pre-approval letter.
- Find a Home: Search for a property within your price range.
- Submit Application: Complete the loan application with required documents.
- Rate Adjustment Terms:Understand the initial fixed period and adjustment intervals.
- Loan Processing:Lender reviews your application and approves the loan.
Benefits of the Adjustable Rate Mortgage Loan Process
- Lower Initial Rates: Typically offers lower interest rates during the initial fixed period.
- Potential for Savings: Can save money if rates stay low or you sell/refinance before adjustment.
- Flexibility: Ideal for short-term homeowners or those planning to refinance.
- Rate Caps: ARMs usually have caps that limit how much the rate can increase.
- Afford Larger Homes: Lower initial payments may help you qualify for a larger loan.
