4 Types of Adjustable Rate Mortgage First Time Home Buyers Can Choose From
Hello again, as always, you know we are happy you stop by. If you are thinking of purchasing your first home and have not yet made a mortgage choice, you may want to speak with your loan officer about adjustable rate mortgages. While there are others, below are 4 types of ARM you can choose from, should you decide to go with an adjustable rate mortgage.
3/1 ARM: The rate will stay the same for the first 3 years and can change every year after.
5/1 ARM: The rate will stay the same for the first 5 years and can change every year after.
7/1 ARM: The rate will stay the same for the first 7 years and can change every year after.
10/1 ARM: The rate will stay the same for the first 10 years and can change every year after.
Keep in mind you do have options. You always want to speak with and work with a loan officer that is looking out for your best interest. Happy home shopping and see you at the closing table.
We hope you enjoyed your visit with us today. As always, thank you so much for stopping by. Until next time…Diana.
