This type of home loan features interest rates that change over time. ARMs are a great home-buying option and typically offer lower interest rates than typical fixed-rate mortgages.
Many homebuyers opt for Adjustable Rate Mortgages because they offer a low interest rate and monthly payments for homebuyers who plan to stay in their homes for 5 to 7 years, making a 3, 5, 7, or 10-year ARM an excellent loan option for them.
The 3, 5, 7, and 10-year ARM is amortized over 30 years and its rate is fixed for the first 3, 5, 7, and 10 years respectively, becoming an adjustable mortgage for the remaining life of the loan.
Many homebuyers opt for Adjustable Rate Mortgages because they offer a low interest rate and monthly payments for homebuyers who plan to stay in their homes for 5 to 7 years, making a 3, 5, 7, or 10-year ARM an excellent loan option for them.
The 3, 5, 7, and 10-year ARM is amortized over 30 years and its rate is fixed for the first 3, 5, 7, and 10 years respectively, becoming an adjustable mortgage for the remaining life of the loan.
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