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An ARM is an Adjustable Rate Mortgage. Unlike fixed rate mortgages that have an interest rate that remains the same for the life of the loan, the interest rate on an ARM will change periodically. The initial interest rate of an ARM may be lower than that of a fixed rate mortgage, although not always. In cases where lower Adjustable rates are available, an ARM maybe a good option to consider if you plan to own your home for only a few years; you expect an increase in future earnings; or, the prevailing interest rate for a fixed mortgage is higher.
We're here to make it a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE Adjustable Rate Mortgage Qualifier.
We'll help you clearly see differences between loan programs, allowing you to choose the right one for you whether you're a first-time home buyer or a seasoned investor.
Here's how our home loan process works:
As a rule of thumb, it may be harder to qualify for Conventional loans than for Government insured loans like VA, FHA, and USDA loans. The good news is that you can apply for a conventional mortgage quickly and easily here (include link to application). However, if you don't qualify, I will also review government insured options that may work for your criteria. Whether a conventional or a government insured mortgage works for your situation, we can generally lock in the rate for the life of your loan.
Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below: