Lynchburg Lender - Summit Mortgage Corporation in Lynchburg, VA

Adjustable Rate Mortgage (ARM)
If you’re not buying your “forever home”, you could take advantage of lower rates for the shorter term.

Adjustable Rate Mortgages (ARM)
If you’re not buying your “forever home”, you could take advantage of lower rates for the shorter term.

Adjustable Rate Mortgage (ARM) Loans

Not everyone plans to be in their home for 30 years or more. An Adjustable Rate Mortgage (ARM) loan is most often used for home buyers that don’t plan on staying in the home for the long haul and want a lower rate during the first few years of the loan. An ARM refinance can also be a tool for existing home owners looking to move up in the near future. There are many reasons an ARM loan may be the right fit for you, but it’s important you fully understand how they work. I’m here to help you understand all your options so you can make an informed decision.

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Adjustable Rate Mortgage (ARM) Loans

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Getting to Know the ARM Loan

Fixed Rate For Initial Term

ARM loans come with a fixed rate for a set amount of time, then reset to an adjustable rate after that time is up. For example, a 5 year ARM will have a fixed rate for the first 5 years. After that, the rate adjusts based on current indexes.

Lower Initial Monthly Payment

Initial ARM interest rates are usually lower than those found on conventional fixed rate mortgage loans which can result in a lower initial payment. This may help qualified buyers purchase more home with an affordable payment.

Just To Be Clear...

An ARM loan can be a great tool for buyers looking for a lower initial rate & monthly payment. However, we just want to make sure everyone fully understands that after the initial fixed term is over, the rate and monthly payment may go up.

Are you a homeowner thinking about moving in the near future? Refinancing to an ARM may help you save for a larger down payment.

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