How You Save With an Adjustable Rate Mortgage (ARM)
The Different Types of ARM’s
- The interest rate on your ARM can be fixed for 5, 7 or 10 years.
- An ARM is an option you can get with an FHA loan.
- Qualified veterans, service members and spouses can get an ARM with a VA loan.
How Adjustable Rate Mortgages Work
- Your interest rate is fixed for a period of 5, 7 or 10 years.
- After that, your interest rate may change annually. It can go up or down depending on the market.
- That means your monthly mortgage payment can go up or down.
- If it goes up, the percentage is added to the fixed interest rate you had.
- The amount it can rise is capped and varies per loan product.
Low Starting Rate
Your starting interest rate is typically lower than other kinds of loans
Affordable Monthly Payments
Monthly mortgage payments are more affordable during the first years
Low Down Payment
Buy a home that’ll be your primary residence with a down payment as low as 5% plus closing costs
Refinance up to 95% of your current home’s value
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