Adjustable Rate Mortgages (ARMs)

Fannie Mae statistics state that the average person is refinancing their home every 4.2 years.  It is this reality that encourages many people to explore the adjustable rate mortgage options. 

Adjustable rate mortgages are fixed for a predetermined amount of time and then become adjustable once the fixed period has expired.  Adjustable rate loans generally offer lower interest rates and payments during the initial fixed periods and then adjust to higher market rates once the initial fixed period has expired.  Once the fixed period has expired, the new monthly payment will be based on a market index plus a margin to be determined at approval. 

These types of loans are generally ideal if you have plans to either move or refinance in a shorter period of time.  The lower initial interest rate offers lower monthly payments, but the tradeoff is the increased risk of higher payments and interest rates once the loan enters its adjustable period. 

Click Get Rates to see how much you can save with an ARM.

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