Adjustable Rate Mortgages (ARM) Loans
An adjustable rate mortgage, called an ARM for short, is a mortgage with an interest rate that is linked to an economic index. The interest rate, and your payments, are periodically adjusted up or down as the index changes.
An adjustable rate mortgage has a specific period of time in which the interest rate remains fixed, such as 1, 2, 3, 5, or 10 years. After the fixed term, the rate is adjusted periodically, usually once a year. For example, a 3/1 ARM has a rate that remains fixed for 3 years, and the rate is adjusted once per year thereafter. There is a maximum interest rate allowed on the ARM over its life.
Is an ARM Right for Me?
An ARM could be a good option if you plan to sell or refinance the property before the fixed term of the mortgage is over. The advantage of an ARM is that the initial interest rate for an ARM is lower than that of a fixed rate mortgage. A lower rate means lower payments for the initial period of the loan. However, the payments can vary widely over time, and you may be stuck with a rising mortgage payment.
Why Choose Us for Your ARM Loan?
- Low rates
- 36+ lenders to choose from
- Fast closings
- Super service
As a loan broker Springwater Capital has access to loan programs from about 40 lenders. Instead of having loyalty to one company or program, we are committed to finding the best program for your needs.
After getting some basic information from you, we can use our sophisticated software, Loan Pro 360™, to find the best rates among all of our lenders instantly!
You won't pay extra fees for using our services. Our fees will paid out of your closing costs and are comparable to the closing costs you will pay regardless of who does your loan. Often we can save you money by getting you the best loan program and rate for your unique situation. We only receive money for your our services if you decide to close and fund your loan with us. (Third party fees, such as appraisal and credit report, may be payable regardless of loan closing.)
For no cost or long term commitment, we can provide these services to you:
- Give you a current rate quote
- Help you to determine which type of loan will be best for your situation
- Give you information on how much you can borrow
- Get you prequalified or preapproved for a loan
For a free, no-obligation consultation, please call (206) 331-8542
Note: Rates and loan conditions are subject to change and will vary over time.
Springwater Capital, LLC, 345 W 600 S Suite 104, Heber City, UT 84032
Equal Housing Opportunity