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Adjustable-Rate Mortgage

ARMs are also called variable-rate mortgages or floating mortgages. With an adjustable-rate mortgage, the initial interest rate is fixed for a period of time. After this initial period of time, the interest rate will reset periodically, typically at yearly intervals.

Adjustable-Rate Mortgage Highlights

An ARM might be the right option for you if you plan on moving within 7 years since they feature lower introductory interest rates. If interest rates are expected to fall, a homeowner could potentially reduce their monthly payments with the lowered interest rates. Highlights of an adjustable-rate mortgage include:

  • Lower initial monthly payments
  • Can be a smart choice for buyers planning to pay off the loan within a specific amount of time
  • Rates and Payments may decrease based on the index rate

Scott Hill

Scott Hill


President

DIRECT: (408) 898-0100
scott@hillmortgageinc.com

DRE#01332532/02142750
NMLS#309812/2134092

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