Adjustable Rate Mortgage Loans (ARMs) have interest rates that change periodically throughout the life of the loan.
When you buy a home, you can decide if you want your interest rate to be fixed or adjustable. Here are some key facts on ARMs you should consider when deciding:
There are many reasons why someone might prefer to choose an ARM. Some of the most common are:
This information is intended for educational purposes only. Products and interest rates subject to change without notice. Loan products are subject to credit approval and include terms and conditions, fees and other costs. Terms and conditions may apply. Property insurance is required on all loans secured by property. VA loan products are subject to VA eligibility requirements. Adjustable Rate Mortgage (ARM) interest rates and monthly payment are subject to adjustment. Upon submission of a full application, a mortgage banker will review and provide you with the terms, conditions, disclosures, and additional details on the interest rates that apply to you individual situation.