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An ARM is an Adjustable Rate Mortgage. Unlike fixed rate mortgages that have an interest rate that remains the same for the life of the loan, the interest rate on an ARM will change periodically. The initial interest rate of an ARM is sometimes lower than that of a fixed rate mortgage.
We're here to make it a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE Adjustable Rate Mortgage Qualifier.
We'll help you clearly see differences between loan programs, allowing you to choose the right one for you whether you're a first-time home buyer or a seasoned investor.
Here's how our home loan process works:
Most homeowners get into adjustable-rate mortgages for the lower initial payment, and then usually refinance the loan when the fixed period ends in either 5, 7, or 10 years. At that time, the interest rate becomes variable, or adjustable, and the homeowner would likely refinance into another ARM or something fixed.
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: