1 Year Adjustable Rate
Mortgage – Convertible ARM
|
| If you are looking for a super low ARM rate and
are only planning on being in your home for a limited amount of time, then a 1
year ARM program might be right for you. Short term adjustable rate mortgage
products carry higher risk than fixed rate mortgages but typically provide
consumers with lower introductory rates. The risk is that once that
introductory period ends, the rate may adjust upward (or downward) depending
upon the value of the corresponding index at that time. To help reduce that
risk, we work with an investor that will allow you to convert your 1 year
adjustable rate mortgage to a fixed rate loan anytime during the first 60
months of the mortgage at no additional up-front cost. That way you can feel
more comfortable balancing the reward of getting the ultra low rate of a 1 year
ARM, with the risk of market volatility. If you know you will sell your home or
refinance in the next year and don't need the the added security of the fixed
rate conversion feature, we may be able to find an even better 1 year ARM rate.
Your AAXA loan advisor will be able to explain to you the details of this
creative financing product. The terms of this program are subject to change -
so be sure to ask for the most–up-to-date program requirements. Call today at
877-RATE-LOW (877-728-3569) or apply online using our
online mortgage application. You can also check out our one year
adjustable mortgage rate in our
mortgage rates section. |
|
 |
Request a free 1 year arm mortgage
rate quote
|
|
Call us toll free at 877-RATE-LOW (877-728-3569) for a
consultation |
|
Who Should Consider a 1
Year ARM Program:
|
|
People who are expecting their income to grow and who want to
buy a more expensive home. |
|
|
Homeowners who do not plan on being in their home long-term
and real estate investors who are planning on selling their homes quickly. |
|
|
Those looking for ultra-low, short-term mortgage rates. The free fixed rate
conversion helps leverage risk against changing market conditions. See today’s
1 year adjustable mortgage rate. |
|
Convertible One Year
ARM Program Highlights:
|
|
Loan-to-value and FICO driven (credit score). |
|
|
Primary residences, second home and investment properties are
eligible. |
|
|
Pre-payment penalty does exist (often comes with a lower
rate). |
|
|
Loan sizes up to $650,000. |
|
|
As little as 5% down may be available for qualified borrowers (see loan advisor
for details). |
|
|
Cash-out refinances possible. |
|
|
Extended rate locks are available with minimal adjustments (up
to 360 days). |
|
|
Loan caps: Annual – up to 2% per adjustment. Lifetime – up to
6% above initial rate. |
|
|
Index used – LIBOR |
|
|
5% down payment required from borrower’s own funds. This may
be waived if the gift represents at least a 20% down payment (pending
approval). |
|
|
Margins may vary depending if borrower elects fixed rate
conversion option. |
|
|
| Thank you for inquiring about our investor’s one
year convertible ARM product. Be sure to check today’s
1 year adjustable mortgage rate online and let us know if you have any
questions. |
|
Find out more about some of our adjustable rate
mortgage programs:
10 Year Adjustable Rate Mortgage
7 Year Adjustable Rate Mortgage
5 Year Adjustable Rate Mortgage
3 Year Adjustable Rate Mortgage
2 Year Adjustable Rate Mortgage
1 and 2 Year Jumbo ARM
Option
ARM
Convertible ARMs - free fixed rate conversion for first 60 monthsOption
ARM Mortgage
100% Interest only loans
30 year mortgage interest only
3 year interest only loan
5 year interest only mortgage loan
10 year and 7 year interest only mortgages
|