An Adjustable Rate Mortgage may be a good choice if you:
- Want to maximize your buying power
- Want to keep your payments lower during the first few years of your loan
- Plan to stay move into a different home within the next ten years
- Plan to pay-off your mortgage within the next 10 years
- If, in the coming years, you expect your income to increase significantly
5/5 ARM - No Closing Costs
| Best Choice If:You want a loan with: No closing costs and low initial payments that can adjust up or down with market movement. | Advantages:No Closing Costs. Low initial rate and payment. Fixed for the first 5 years. | Disadvantages:Interest rate and monthly payments adjust every 5 years. |
5/5 ARM - No Closing Costs High Balance
| Best Choice If:You want a loan with: No closing costs and low initial payments that can adjust up or down with market movement. | Advantages:No Closing Costs. Low initial rate and payment. Fixed for the first 5 years. | Disadvantages:Interest rate and monthly payments adjust every 5 years. |
5/5 Jumbo ARM - No Closing Costs
| Best Choice If:You want a loan with: No closing costs and low initial payments that can adjust up or down with market movement. | Advantages:No Closing Costs. Low initial rate and payment. Fixed for first
5 years. | Disadvantages:Interest rate and monthly payments adjust every 5 years. |
3/1 ARM
| Best Choice If:You want a loan with: low initial payments that can adjust up or down with market movement. | Advantages:Low initial rate and payment. | Disadvantages:Interest rate and monthly payments adjust annually. |
3/1 ARM High Balance
| Best Choice If:You want a loan with: low initial payments that can adjust up or down with market movement. | Advantages:Low initial rate and payment. | Disadvantages:Interest rate and monthly payments adjust annually. |
3/3 ARM
| Best Choice If:You want a loan with: low initial payments that can adjust up or down with market movement. | Advantages:Low initial rate and payment. Fixed for the first 3 years. | Disadvantages:Interest rate and monthly payments adjust every 3 years. |
3/3 ARM High Balance
| Best Choice If:You want a loan with: low initial payments that can adjust up or down with market movement. | Advantages:Low initial rate and payment. Fixed for the first 3 years. | Disadvantages:Interest rate and monthly payments adjust every 3 years. |
5/1 ARM
| Best Choice If:You want a loan with: low initial payments that can adjust up or down with market movement. | Advantages:Low initial rate and payment. | Disadvantages:Interest rate and monthly payments adjust annually. |
5/1 ARM High Balance
| Best Choice If:You want a loan with: low initial payments that can adjust up or down with market movement. | Advantages:Low initial rate and payment. | Disadvantages:Interest rate and monthly payments adjust annually. |
5/5 ARM
| Best Choice If:You want a loan with: low initial payments that can adjust up or down with market movement. | Advantages:Low initial rate and payment. Fixed for the first 5 years. | Disadvantages:Interest rate and monthly payments adjust every 5 years. |
5/5 ARM High Balance
| Best Choice If:You want a loan with: low initial payments that can adjust up or down with market movement. | Advantages:Low initial rate and payment. Fixed for the first 5 years. | Disadvantages:Interest rate and monthly payments adjust every 5 years. |
7/1 ARM
| Best Choice If:You want a loan with: low initial payments that can adjust up or down with market movement. | Advantages:Low initial rate and payment. | Disadvantages:Interest rate and monthly payments adjust annually. |
7/1 ARM High Balance
| Best Choice If:You want a loan with: low initial payments that can adjust up or down with market movement. | Advantages:Low initial rate and payment. | Disadvantages:Interest rate and monthly payments adjust annually. |
