An Adjustable Rate Mortgage (ARM) is ideal if you are looking for lower monthly payments initially. After the initial loan period, your rates will adjust to the current market rate. An ARM is best suited for borrowers who plan to own their home for a short period of time or have a significantly larger income in the future.
Even if you already have an adjustable rate mortgage, there may be an opportunity to refinance your ARM loan for a better rate.
Mortgage Refinance Calculator-ARM
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ARM= Adjustable Rate Mortgage
ARM rate adjustments are determined by an index and margin, the index of which is variable and therefore unknown for future payments.
Your actual rate and/or points may be different, as many factors go into providing you with a mortgage loan. Rates and points vary widely for loan amounts above $453,100** (see below), and/or for investment property loans.
**Jumbo rates are for loan amounts exceeding $453,100 ($679,650 in Alaska, Hawaii, Guam and the U.S. Virgin Islands). For properties in New York, add .250 loan origination fee.
Taxes and insurance not included, therefore the actual payment obligation will be greater. Your actual rate may be higher depending upon your creditworthiness.
Buying a home is one of life’s biggest moments. For most people, it’s the biggest purchase they’ll ever make, and every penny is worth it when all goes well. But how can you increase your odds of landing the perfect, affordable home without too much stress along the way? Well, follow this guide and we’ll help you get there.