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The initial interest rate of an ARM is lower than that of a ficed rate mortgage. Consequently, an ARM may be 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 rates available for a fixed rate mortgage is too high in the current market.
We're here to make it a whole lot easier with tools and expertise that will help guide you along the way. It starts with our FREE Adjustable Rate Mortgage Qualifier.
We'll help you clearly see and understand the differences between loan programs and to give you the information necessary to choose the right one for you.
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 adjusts (or becomes "variable") and the homeowner would likely want to refinance into a new loan with a fixed rate, another ARM, 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:
