Adjustable Rate Mortgages

An Adjustable Rate Mortgage may be a good choice if you:

  • Want to maximize your buying power
  • Want to keep your payments lower during the first few years of your loan
  • Plan to stay move into a different home within the next ten years
  • Plan to pay-off your mortgage within the next 10 years
  • If, in the coming years, you expect your income to increase significantly

5/1 ARM

Best Choice If:

  • You plan to stay in home for less than 5 years.
  • Very low initial payments
  • The benefits of both a Fixed and ARM product.
  • Advantages:

  • Interest rate stays fixed for first 5 years. Adjusts anually thereafter
  • Allows for higher loan amount qualification and enhanced buying power.
  • Conversion to a fixed rate is available.
  • Disadvantages:

  • Interest rate and monthly payments will adjust in the future.
  • Interest rate can rise above the current fixed rate at adjustment.
  • Mortgage Rates

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