Mortgage Market Insight Ep.26: What are some ARM mortgage types?

Last week we have talked about what is Adjustable Interest Rate Mortgage and how it is different from the fixed rate mortgages. As we know, for fixed rate mortgage, we have 15 and 30 year options. Then how about ARMs, what options and choices do we have?
Most of the ARM loans available today are actually “hybrid” loans. As you probably know, a hybrid is a combination of two different things, like a hybrid engine that is powered by both gas and electricity. Mortgage lenders can structure ARM loans however they want, as long as they meet federal lending laws. As a result, there are many different types of adjustable-rate mortgages in use today.
Well, normally the most common ARM type are:
• 7/1 ARM: This loan has a fixed interest rate for the first 7 years, and then adjusts annually after that.
• 5/1 ARM: Another hybrid loan structure. It holds a fixed rate for the first 5 years, and then adjusts annually.
• 1-year ARM: Fixed for the first year, annual rate adjustments after that.
In the case of a hybrid loan (defined above), the primary difference is the length of the initial fixed-rate period. Regardless of these differences, the adjustments typically occur once every year after the initial phase has expired.
Besides these difference, another thing you need to consider is whether you want to use conventional or FHA.
You see? Choosing an ARM is actually much more complex than what you thought.
Want to have a 1-1 consultation? Call us today to make a free appointment!!

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Our New Jumbo Program For First-Time Home Buyers is BIG news!

Sometimes we have first-time home buyer clients who need to do jumbo loans. Meaning, they need to borrower north of 0k. If this is you, or someone you know…we have a brand new program that may be a great fit! This is BIG news and may give you a new option to buy your next home!

Check out the details in today’s video and call us with questions!

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Top 5 Benefits of the VA Home Loan Program

VA helps Servicemembers, Veterans and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy. Learn more about the program, including the top five benefits: http://benefits.va.gov/homeloans/index.asp

How Much Interest Is Paid On A Mortgage?

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The Real Estate Maverick
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Atlanta Real Estate: 6 mistakes to avoid as a homebuyer in a seller’s market

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Keller Williams Peachtree Road
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New home buying tips for VA Loans

Sharing some stories when I purchased my Beazer home.