Flexible Loan Solutions
Get more for less out of your mortgage.
An adjustable-rate mortgage (ARM) can provide borrowers with the flexibility to take advantage of lower interest rates in the market. With an ARM, the interest rate is initially fixed for a certain period. This can result in cost savings on monthly mortgage payments and potentially reduce the total interest paid over the life of the loan. Here are just a few benefits to buying your home with an ARM:
- Lower initial rates
- Short-term borrowing
- Cash flow management
- Potentially lower rates long term
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Flexible mortgages now and in the future.
Lower initial rates
ARMs typically have lower initial interest rates compared to fixed-rate mortgages. This can lead to lower monthly mortgage payments in the beginning, allowing borrowers to save money.
Cash-flow management
Lower initial monthly payments can provide borrowers with improved cash flow, allowing them to allocate funds towards other financial goals.
Flexible loan options
With an adjustable-rate mortgage, you can finance primary residences, secondary homes, and investments properties up $1.24 million dollars giving you control over all of your properties.
Short-term borrowing
If you only plan to stay in your home for a short period, an ARM can be a smart choice. You can take advantage of the lower initial rate and sell or refinance before the adjustment period begins.
Potentially lower rates long-term
After the initial fixed term period, your interest rate will change based on the market. This gives you the potential to save money if the rates decrease over the life of your loan.
Eligible property types
While manufactured homes and co-ops are not eligible, detached
1-unit single family residence, 2-4 unit properties, modular homes, FNMA eligible condos, and non-warrantable condos are eligible.
Resources for homebuyers.
Loan Checklist
When you're ready to buy a home, it's important to understand what you'll be required to provide in order to make the process simpler for you.
Renting vs Owning
Determining whether it's best for your family to rent or buy your next home can be tricky. Here are a few tips to consider.
First Time Homebuyer
Preparing to purchase your first home can feel like a financial mountain to climb. Here are practical budgeting tips to get your started.
Mortgage Calculators
How much will my mortgage save me in taxes?
How much can I borrow?
How much interest could I save by increasing my mortgage payment?
How much could I save with a 15-year mortgage?
How long will it take to break even on a mortgage refinance?
Should I buy points?
What will my monthly payment be?
Should I buy or rent a home?
FAQs
What is the adjustment period?
The adjustment period is the interval at which the interest rate on an ARM adjusts. It is typically stated as a combination of two numbers, such as "5/1" or "7/1". The first number represents the fixed-rate period in years, and the second number represents how often the rate adjusts after the fixed-rate period ends.
How is the interest rate determined after the fixed-rate period?
After the fixed-rate period ends, the interest rate on an ARM adjusts based on an index, such as the U.S. Treasury note.
Can I switch from an ARM to a fixed-rate mortgage?
Yes, you have the option to refinance your ARM into a fixed-rate mortgage. This can help you secure a stable interest rate and monthly payment.
What happens if I sell my home before the end of the fixed-rate period?
If you sell your home before the end of the initial fixed-rate period, the new homeowner will assume the ARM.
Need help?
If you need help or would like to discuss your options, fill out the form below and one of our loan officers will be happy to help.
