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Whether you’re purchasing or refinancing a home, there are several factors to consider when evaluating your loan options. Payment amount, rate and the number of years you plan on living in the home are just a few. Many homeowners find that an adjustable-rate mortgage (ARM) provides the financial flexibility they desire along with a lower initial rate and payment.
An ARM features an initial fixed interest rate and payment period. After the fixed-rate period expires, the interest rate becomes adjustable for the remainder of the loan term. Fixed-period ARMs are named by the length of time the interest rate remains fixed.
For example, with a 10/1 ARM, the “10” signifies the ten-year initial period, during which the interest rate is fixed. The “1” indicates the interest rate is subject to adjustment once per year after the fixed-rate period and for the remainder of the loan term.
If you are like the average homeowner, who keeps a mortgage for only
7 years, a 10/1 ARM may be right for you.
Features of a TruWest ARM:
A 10/1 ARM is perfect for you if:
Contact 1-855-841-9203 to work directly with our Home Loan Experts to find out if a TruWest ARM is the best option for your mortgage needs.
*10/1 ARM – rate adjusts annually after 10-year initial period. Savings calculation based on $200,000 loan amount. Max LTV 80%. 5% interest rate cap. Min 740 FICO for purchases or rate-and-term refinances. On approved credit. Jumbo loans ($417,000+) available.
*Financing solutions not available in AK, HI, LA, SC, VT, and WI. Condominium financing not available in NY and
with restrictions in certain areas in FL.