What is ARM loan?

  • 发布人:

    AAAcapital
  • 发布日期:

    2021-07-09, 06:05 pm
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    172
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What is ARM loan?

最後一次更新:AAAcapital, 2021-07-09, 06:07 pm

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姓名 Harold Yang (国语,英语)

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内容描述

Key word: ARM, adjustable-rate mortgage 

 

The interest rate for an adjustable-rate mortgage is a variable one. The initial interest rate on an ARM is set below the market rate on a comparable fixed-rate loan, and then the rate rises as time goes on.

 

ARMs have a fixed period of time during which the initial interest rate remains constant, after which the interest rate adjusts at a pre-arranged frequency. The fixed-rate period can vary significantly—anywhere from one month to 10 years; shorter adjustment periods generally carry lower initial interest rates. After the initial term, the loan resets, meaning there is a new interest rate based on current market rates. This is then the rate until the next reset.

 

A borrower who chooses an ARM may save several hundred dollars a month for up to seven years, after which their costs are likely to rise. The new rate will be based on market rates, not the initial below-market rate. If you're very lucky, it may be lower depending on what the market rates are like at the time of the rate reset.

 

 AAA Lendings is a direct mortgage lender with over 20 years of lending experience. We have a group of experienced professionals providing services for home buyers and people with mortgage needs. We offer 100+ customized loan programs in conventional, FHA, VA, EZ qualified and foreigner nationalloans. We always put customer's needs first and provide the best customized solution for each customer.

 

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