If you anticipate a significant increase in your
income or property value in the next several years, plan on staying in your home short-term, or would like to significantly
lower your payment, an ARM might be right for you. As the name implies, Adjustable Rate Mortgages (ARMs) have interest rates
that change at a pre-determined frequency. Federally insured FHA ARMs are also available!
- Save thousands in payments vs. a fixed rate loan during the initial
period
- Use the savings to pay down other debt or for whatever you like!
- Get a cash-out refinance and put even more money in your pocket
- Great option if you intend to refinance or sell your home in
an expected time frame
- Put as little as 5% down (FHA 3%), or refinance up to 95% of
your home's value
Lower your rate and payment today! Fill out our form or call us at
1-888-337-6888
'Hybrid ARMs' are very popular, featuring an initial fixed-rate portion, which then
changes to an adjustable rate for the remainder of the loan. They are typically represented as a 3/1, 5/1, 7/1, or 10/1.
The first number indicates the time (in years) that the initial rate is fixed. The second number indicates how often the
rate can adjust after the initial change.
Fixed rate for the first five years / followed by a rate adjustment once every year.
What happens after the fixed-rate period ends? Once your loan enters its adjustable-rate
period, interest rate caps are put in place. They identify the maximum amount your rate can increase, both at the end of
each adjustment period, and over the life of the loan as a whole. Contact one of our government registered mortgage bankers
today for details, and find the right loan for you!
As your home loan partner, loanDepot is here to help find the right
loan for you. Please call us at
1-888-337-6888
to speak to a licensed mortgage banker.