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3 Year Adjustable
Rate Mortgage – Convertible ARM
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| If you are planning on being in your home for
three to five years, a 3/1 ARM might be the right program for you. With a 3
year ARM, your rate is locked in at an introductory rate for the first three
years of the mortgage and then will begin adjusting upward or downward after
the introductory period expires. The great thing about short term ARM programs
is that they typically carry a significantly lower rate than their fixed rate
counterparts. This factor may lead to big savings for the consumer. However,
these benefits must be weighed with the added risk that these loans bring to
the table. 3 year adjustable rate mortgage programs are not recommended for
clients who do not actively monitor their finances. It is very important that
homeowners mark their calendar near the end of the introductory period. At that
time, if one’s payment is going to adjust upward significantly and they are
planning on staying in the home, they may want to refinance to another ARM or
lock in on a fixed rate home loan. To help balance the risk and reward of the
3/1 ARM, AAXA is pleased to offer a unique convertible 3 year ARM product. This
program allows clients to lock in on the prevailing fixed rate anytime during
the first sixty months of the loan. Now, instead of worrying about where rates
are headed and having to pay refinance costs if you decide to stay in your
home, you get the great introductory rate of a 3/1 ARM loan and the security of
a fixed rate product. Program criteria may change anytime so be sure to ask
your AAXA loan advisor for the most up-to-date program criteria.
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Request a free 3 year arm mortgage
rate quote
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Call us toll free at 877-RATE-LOW (877-728-3569) for a
consultation |
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3/1 ARM Program
Highlights:
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Loan can be switched to current-market fixed rate at no cost
during the first five years of the loan (ask loan advisor for details). |
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Low introductory rate for first three years. |
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Loan sizes up to $650,000. |
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Maximum annual adjustment – up to 2%. |
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Lifetime Cap – 6% above initial rate. |
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Libor index. |
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No limit on properties financed on primary residence. |
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Check Today’s Mortgage Rates. |
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| Thank you for considering AAXA for your next home
loan. Please keep in mind that you can always find
current mortgage rate information by calling 877-RATE-LOW
(877-728-3569). |
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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
2 Year Adjustable Rate Mortgage
1 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
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