What is an Adjustable-Rate Mortgage Loan?
Your initial interest rate is lower than a Fixed Rate Mortgage and is fixed for a specified period in an Adjustable Rate Mortgage (ARM) loan. The rate is then subject to adjustments annually, after the initial fixed rate period.
Is an Adjustable-Rate Mortgage right for me?
A conventional adjustable-rate mortgage (ARM) is a good option if you don’t really plan on planting roots in your home. Members who are looking to refinance or sell their home in a few years tend to like a conventional ARM. Maybe you don’t foresee staying in your city for a long time, you’re growing your career or family, or you just enjoy keeping your options open. The lower initial payments will give you time to build savings in the first few years.
Get the home of your dreams! With a conventional ARM loan from Mainstreet, we strive to provide:
- No prepayment penalty
- Competitive interest rates
- Fees $500 less than competitors on average because we process and close our own loans
- Local and personal service because we don’t sell our conventional loans