An adjustable rate mortgage is also a great way to qualify for a higher loan amount, giving you the means to purchase a more expensive home. Many homebuyers will take out large mortgages to secure a 1-year ARM and later refinance to prevent a rate hike.
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An adjustable-rate mortgage (ARM) is a loan with an interest rate that changes. ARMs may start with lower monthly payments than xed-rate mortgages, but keep in mind the following: Your monthly payments could change. They could go up –
An adjustable-rate mortgage has rates that may go up or down on a regular basis. ARMs begin with a set interest rate for a specified period of time, then the rate is adjusted periodically after that.
Adjustable Rate Mortgage An adjustable rate mortgage (ARM) has an interest rate that is fixed for a set number of years and then afterwards will go up or down based on a market index such as the LIBOR . When deciding which loan option will be best for you, consider factors such as the length of time you plan to stay in your home.
Bankrate.com provides FREE adjustable rate mortgage calculators and other ARM loan calculator tools to help consumers learn more about their mortgages.