Adjustable Rate Mortgages
If you plan to only stay in your home for a few years up to 10 years, an adjustable rate mortgage (ARM) may be just perfect for you. You sacrifice the certainty of having a fixed rate mortgage for 30 years in order to have a lower (sometimes much lower) rate for 5, 7 or 10 years, upon which time the rate can increase based on the market at that time. If you are very confident you won’t be in your home very long, an ARM could be the perfect solution for you.
How it Works
- Monthly payments based on interest rate, principal loan amount, and amortized interest over 30 years, but the rate may increase in 3, 5, 7 or 10 years (the shorter the guaranteed rate term, the lower the rate)
- Your payment changes often throughout the life of the loan, starting in as little as 3 years
- Your actual payment will vary based on your situation and the current interest rates when you apply and when the loan adjusts the interest rate
- Pay your mortgage off at any time without pre-payment penalties
- Refinance up to 95% of your primary home’s value
- Buy a home with as little as 5% down (primary home)
- Loan amounts up to $2,000,000
Got questions? Give us a call! One of our mortgage advisors would be happy to answer all of your questions and get you started with a great low rate today!
Working with Lendplicity Mortgage
- We put YOU first.
- Lendplicity Mortgage offers some of the most competitive rates in the Nation!
- Fast and efficient, we close most of our loans in 30 days or less.
- We offer a variety of loans. Lendplicity Mortgage can help you find the loan that is right for you!!!