Adjustable Rate Mortgage loans ARE GOOD IF YOU:
- Plan to stay in the home for less than 5 to 7 years.
- Are in a high interest rate environment because the rate goes down when rates fall over the years.
Most Adjustable rate mortgage products offer a low introductory rate that is fixed from 1 to 10 years and then the remaining life of the loan adjusts either annually or every six months. Our ARM programs come with a lifetime cap on the rate.
This means that your rate will never go higher than a certain amount even if the rates skyrocket.
There is a ceiling on how much you can possibly pay.