An adjustable
rate mortgage (ARM) is a mortgage option that has a rate
that's fixed for the first several years of the loan and
then adjusts up or down according to financial markets.
- Get a lower monthly payment than a fixed-rate loan.
Adjustable-rate mortgages have lower rates, giving you
more money to work with each month.
- The average homeowner moves every 7 to 9 years, so why
get a 30-year mortgage? Get a lower monthly payment and
get only the financing you need. Don't pay extra for 30
years of security when you only need 3, 5 or 7 years.
- Choose an interest-only option to get an even lower
monthly mortgage payment. Each month, you choose whether
or not to pay principal on your loan for the first 10
years of the loan. Pay some of the principal, and you'll
see next month's interest payment go down, too!
- Not bad for a first-timer. Now first-time home buyers
can get a tax credit up to $7500! “First-time home
buyers” include anyone who hasn't owned a home in
the past three years. Talk to your mortgage banker to
find out more.
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