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Adjustable Rate Mortgage
The average American is only in their mortgage loan for approximately 5 years. Combined with a necessity for many consumers to cash out the equity of their home, remove mortgage insurance or a variety of reasons, the 30-year fixed rate products cannot compare with keeping payments low and the many options available with an Adjustable Rate Mortgage. Some consumers buying their first or second home and planning on moving within a specified number of years should look into the many Adjustable Rate products available. Many of these products also have an interest only payment.When evaluating an adjustable rate mortgage versus a traditional fixed mortgage, you should figure out how many years your loan will be fixed, how much money you will save compared to a traditional adjustable rate mortgage and how many years after the fixed period ends will those savings carry you, before the traditional mortgage may have been the better choice.
For example, if you will save $30,000 over the next 5 years on a 5/1 adjustable rate mortgage refinance loan, and let's presume that after the fixed period, the mortgage rises the maximum 2% per year, you might find that you can actually go 6.5 or 7.5 years on the adjustable rate mortgage before the savings are depleted and the regular fixed rate product was a better choice. Adjustable Rate Mortgage loans result in substantial savings for people looking to refinance and are some of the most popular loans with borrowers today.
Adjustable Rate Mortgage Products Available:
- 1 Month
- 1 Year MTA Smart Choice Loan
- 3/1 ARM
- 5/1 ARM
- 7/1 ARM
- 10/1 ARM
- Jumbo ARM
