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Research Adjustable Mortgage Rates
Find mortgage rates for ARM programs using the mortgage rate survey below:
What are Adjustable Rate Mortgages & How Do They Work?
Adjustable
rate mortgages, often referred to as “arms”, may have
a fixed period of time where the rate is lower than
traditional 15 - 40 year fixed rate products. Upon
completion of the initial fixed-rate period, the rate
begins to adjust up or down based upon the value of
an assigned index. Thus, if you are looking for a
low initial payment and only plan to be in a home
for ten years or less, an adjustable rate mortgage
might make sense. Ask your mortgage banker, lender,
or broker if a 5
year adjustable rate mortgage, 3
year ARM, or any other adjustable rate loan product
might be right for you.
Request a free adjustable rate mortgage
rate quote
from one of the advertisers in the Mortgage Rate Table
or call them for a consultation.
Advantages vs. Disadvantages – Adjustable Rate Mortgage
Information
It is very important to research adjustable rate mortgage
information and weigh the pros and cons. Although you
save money by locking in on a lower rate initially,
you have to weigh the risk of a potential hike in interest
rates. It is a matter of individual risk tolerance.
Typically, the shorter the fixed period of an arm, the
lower the rate. For example, the starting rate for a
5 year ARM mortgage may be slightly higher than a 3/1
adjustable rate mortgage. Typically loans are offered from 2 year arms to up to 10 year arms.
You may want to ask yourself a few questions before
pursuing an adjustable rate loan:
- How long do I plan to be in the home?
- Will I be able to cover higher payments if the rate increases?
- How much will I save with an ARM? How could those savings help my family and me with other needs?
- Could an adjustable rate mortgage help me afford a more expensive home and do I believe that my future income will cover the risk of adjustments in rate?
- Is taking out a adjustable rate mortgage in a
declining market a good idea?
To learn more about Adjustable Rate Mortgages, call one or more of the banks or lenders in the Mortgage Rate Table.
Products that you may want to research:
10 Year Adjustable Rate Mortgage
7 Year Adjustable Rate Mortgage
5 Year Adjustable Rate Mortgage
3 Year Adjustable Rate Mortgage
