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Consumers Guide To Adjustable Rate Mortgages

An adjustable-mortgage loan is a hybrid of fixed rate and fluctuating rate, which varies according to the market rate. Let's discuss in detail, what is the purpose of this type of loan, what are its benefits, disadvantages and its types.

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Consumers Guide To Adjustable Rate Mortgages

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  1. www.drewmortgage.com | 877-949-3739 NMLS ID 2856

  2. Adjustable-rate mortgage is a home loan where an interest rate varies according to market prices. There are many varying types of ARM loans, from 1 year to 10 years, with almost all being amortized over a 30-year period. What is ARM? Adjustable Rate Mortgage www.drewmortgage.com | 877-949-3739 NMLS ID 2856

  3. A variety of options are available for this type of loan: • 10/1: A fixed rate for 10 years. • 7/1: A fixed interest rate for 7 years. • 1 Year: A fixed interest rate for 1 year. Types of Adjustable Rate Mortgage NMLS ID 2856

  4. Adjustable rate mortgage benefits include: • Lower Payment • Initial Fixed Rate • Lower Adjustable Rates Benefits of Adjustable Rate Mortgage NMLS ID 2856

  5. ARM loans have a changing interest rate that differ based on market conditions. These rates are subject to a maximum or “Cap” Rate that limits how much the rate can rise during each adjustment. How does Adjustable Rate Mortgage work? NMLS ID 2856

  6. Studying your goals and financial constraints is the best way to understand whether this type of loan is the best option for you. Buyers must carefully research and inform themselves before picking an option, to avoid making the wrong choice. Considering Adjustable Rate Mortgage NMLS ID 2856

  7. Hiring an expert to help you along the way will boost your chances of making a wise and informed decision. Drew Mortgage Associates in Central Massachusetts help their clients in understanding which loan fits their needs best! Contact Expert Mortgage Lender NMLS ID 2856

  8. Address: 196 Boston Turnpike Road Shrewsbury, Ma 01545 Phone: 508-753-1656 Toll Free: 877-949-3739 Fax: 508-756-3646 Website: www.drewmortgage.com Drew Mortgage Associates NMLS ID 2856

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