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2 Year Adjustable Rate Mortgage Programs
Find rate for a variety of adjustable rate mortgage
programs. Please contact the mortgage companies below
to inquire if they currently offer 2 year ARM products.
You will be able to find 3
& 5
year ARM rates below.
About 2 Year Adjustable Rate Mortgages
For
many years, 2/1 adjustable rate mortgage products
were offered as programs for those who had past credit
issues. The thought process being that two years would
give a person enough time to repair their credit and
then refinance. Many people feel confident that they
are only going to be in their homes for a couple of
years and 2 year adjustable rate loans may offer a
lower rate than other fixed rate and adjustable rate
products. Often times these customers feel stuck between
a one year adjustable rate mortgage and a 5 year ARM.
Today, very few companies still offer 2 year ARM products
so finding these programs may require a significant
amount of research.
Kick-Off Your 2/1 ARM Research:
- Call the lenders in the survey and ask if they
current offer 2 year adjustable rate mortgages.
You may find that rates for 2 year ARMs may be higher
than other short term ARM products.
- Visit the companies' web sites by clicking on
their links.
Potential 2/1 ARM Program Highlights:
- Some have had annual adjustment limited to 2%.
- Lifetime cap adjustment of 6%.
- Purchase and Rate & Term Refinances: 1-2 unit
primary residences and 1 unit second homes � 10%
down required; 3-4 Unit primary residences - 20%
down required; 1-4 unit investment properties -
25% down required.
- NOTE: This criteria was taken from Ohio Saving
Bank's 2/1 ARM program from years ago. Guidelines
likely have changed so be sure to ask about current
terms and conditions.
10 Year Adjustable Rate Mortgage
7 Year Adjustable Rate Mortgage
5 Year Adjustable Rate Mortgage
3 Year Adjustable Rate Mortgage
1 Year Adjustable Rate Mortgage
1 and 2 Year Jumbo ARM
30 year mortgage interest only
3 year interest only loan
5 year interest only mortgage loan
10 year and 7 year interest only mortgage
