Adjustable Rate Mortgage
Adjustable Rate Mortgages (aka ARMs) are loans that can fluctuate and readjust throughout the life of the loan. The initial interest rate can be fixed for a short amount of time and subsequently change either positively or negatively, depending on where the market is at the time of the adjustment.
There are many benefits for these types of loans:
- Adjustable Rate Mortgages typically have lower interest rates than the conventional fixed loan options resulting in lower initial payments at the beginning of your mortgage experience
- ARMs are often more attractive to buyers that are considering their purchase for a short term option
- There are three basic types of Adjustable Rate Mortgages; namely hybrid, interest-only and balloon payment options
If you need more information related to Adjustable Rate Mortgage, please consult with a Florida First Financial Loan Officer today.
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