Neighborhood Loans is here to help you with all of your mortgage needs, including applying for an Adjustable Rate Mortgage (or ARM). With an Adjustable Rate Mortgage, following a set grace period where your rate is locked in, your mortgage rises and falls with the mortgage and housing markets. If timed correctly, an Adjustable Rate Mortgage can let you take advantage of record lows in principal and interest rates.
An Adjustable Rate Mortgage is best utilized when you don’t plan to live in the home you’re purchasing for more than a decade. The Adjustable Rate Mortgage allows you to take advantage of low rates in the mortgage market that you might have been unable to attain had you chosen a Fixed Rate Mortgage.
- Available in 5, 7 and 10 year terms
- This mortgage is subject to change with the mortgage and housing markets
- Allow you to take advantage of falling rates
- If you plan on moving again in the near future, then the Adjustable Rate Mortgage is the best choice for you