Adjustable-Rate Mortgage Loan Programs
Planning to stay in your mortgage for a short time? Consider these programs.
Adjustable-Rate Mortgage (ARM) loan products offer a cost-effective solution for prospective homebuyers with short-term mortgage goals. The first number in your ARM program refers to the fixed rate period at the start of the mortgage. The second number in the ARM program references the intervals your rate will be reset following the introductory fixed rate period.
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Program features:
*7/6-month ARM program features fixed rate for the first 7 years with the rate subject to change every 6 months following the expiration of the fixed rate program. Following the expiration of the fixed rate period, rate is subject to change every 6 months.
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For a pre-qualification, the loan officer asks you a few questions and provides you with a pre-qualification letter. A pre-approval includes all the steps of a full approval, except for the appraisal and title search.
A rate lock is a contractual agreement between the lender and buyer. There are four components to a rate lock: loan program, interest rate, points, and the length of the lock.
Points are an upfront cash payment required by the lender as part of the charge for the loan, expressed as a percent of the loan amount. For example, "2 points" means a charge equal to 2% of the loan balance.
Borrowers pay fees at closing for services provided by the lender and other parties, such as title companies. Lenders are required to provide a written estimate of these costs within 3 days of receiving a loan application.
Lenders require proof of income and assets, including bank statements, tax returns, W2 statements, and recent paystubs. More documents may be needed to show your down payment and ability to pay closing costs.
Reach out to our team of local mortgage loan officers and take the initial step towards homeownership. Our team is ready to assist you throughout the process, offering you the necessary information and guidance to help you make informed decisions for your unique needs. Don't delay any longer - contact our team today.
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*Not a commitment to lend. Calculation estimates are hypothetical and intended for educational purposes only. Additional fees and costs, such as taxes and insurance, may not be included and may be different based on the loan program. Actual payment obligation may be higher. Loan programs, interest rates, loan terms and conditions are subject to change and can vary based on market conditions and individual circumstances. If refinancing an existing loan, the total finance charges may be higher over the life of the loan. For more information, please consult with one of our licensed loan officers.