|
With a typically lower mortgage payment, Adjustable Rate Mortgages (ARMs) are an increasingly popular alternative to the conventional fixed rate mortgage for homeowners trying to get the most home for the lowest payment. The downside of the lower payment is a potential increase in the monthly payment over time, if interest rates rise. Therefore, ARMs are most appropriate for people who anticipate an increase in their income during the life of their loan, or who plan on moving in five to seven years.
Features of United Mortgage’s Adjustable Rate Mortgage Programs
- Standard 1, 3, 5, and 7 year initial fixed interest period with 30 year terms
- Jumbo 6-month, 1, 3, 5, and 7 year for loans over $300,700
- Payments can be reset once a year, twice a year, or monthly dependent upon the program
- Many ARMs have a "cap" on the amount the mortgage can rise, to protect you against dramatic increases in interest rates
- No minimum loan balance
- Maximum loan balance of $2 million
Adjustable Rate Mortgage Programs
|
