You might be looking to buy or refinance a home, but need a lower payment than what a 15 Year Fixed Rate Mortgage or 30 Year Fixed Rate Loan offers, consider an adjustable rate mortgage (ARM). If you often relocate for work or are planning on expanding your family in the next few years, an adjustable loan might be a better fit for you than a traditional fixed rate mortgage.
With one of our adjustable rate mortgages, you have the flexibility of a lower rate and payment for a fixed term of 3, 5, 7 or 10 year fixed term. Adjustable Rate Mortgages, or ARMs, typically offer lower initial interest rates than Fixed Rate Mortgages. These adjustable mortgage loans allow you to keep your payments low and save money. Since the initial interest rate on adjustable mortgages remains fixed over an introductory period of time, typically ranging from 3 to 10 years you can plan accordingly. After the introductory period ends, your Adjustable Rate Mortgage will change depending on the current index.
How can you tell if an Adjustable Rate Loan is right for you? An Adjustable Rate Mortgage is typically beneficial for:
If you are interested in learning more about whether one of our Adjustable Rate Loan will best suit your needs, contact The Power Is Now Mortgage Services today. One of our licensed mortgage specialists can help you determine which loan option will best meet your needs.