Providing Flexibility for Homeowners
An adjustable-rate mortgage (ARM) is a loan term option with interest rates that can change periodically after the initial fixed-rate period. After this introductory period, monthly payments are susceptible to increases or decreases based on market fluctuations, which can also affect the monthly payment.
An ARM might be the right option for you if you plan on moving within 7 years since they feature lower introductory interest rates. If interest rates are expected to fall, a homeowner could potentially reduce their monthly payments with the lowered interest rates. Highlights of an adjustable-rate mortgage include:
Index is the measure of interest rates; as an index increases, rates can increase and cause higher monthly payments. The most
commonly used index is the London Interbank Offered Rates (LIBOR).
There's a lot that goes into qualifying for a home loan. Factors such as credit score, debt, income and more play a huge part of the decision making process. Consider taking my questionnaire and we'll discuss your mortgage options.
First Time Homebuyer
Want a clearer picture of the home buying process? Tap the book below to download my 14-page first time homebuyer booklet.
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