adjustable rate mortgages

     

Learn more about one of the many Adjustable Rate Mortgage (ARM) Programs we offer at Home Finance of America. Call to speak with a loan originator today at 800-358-5626.

Charactaristics of Adjustable Rate Mortgages:

1. Your interest rate and monthly mortgage payment will remain unchanged for an initial period of time and then may adjust up or down once per year based off the behavior of an index with a set margin.
2. You may choose from the following initial fixed rate periods depending on which best fits your needs. Note: Interest rates are generally lower for shorter initial fixed periods.
   1. 3 Years (3/1 ARM)
   2. 5 Years (5/1 ARM)
   3. 7 Years (7/1 ARM)
   4. 10 Years (10/1 ARM)
3. All of Home Finance of America's Adjustable Rate Mortgages (ARMS) are amortized over a term of 30 years.
4. Home Finance of America's Adjustable Rate Mortgages include caps that set the maximum interest rate and monthly payment that your mortgage could adjust to if your index rises.

Advantages of Adjustable Rate Mortgages (ARMS):

• Generally, the interest rates and monthly payments start much lower than fixed those offered for Fixed Rate Mortgages.
• Adjustable rate mortgages can be advantageous for borrowers planning to move or refinance their mortgage within a few years.
• ARMs are great for borrowers expecting income growth.

Things to think about with Adjustable Rate Mortages (ARMS):

1. In most cases your initial mortgage payment will be much lower with an ARM than a Fixed Rate Mortgage.
2. Your interest rate and mortgage payment can increase or decrease when your interest rate adjusts depending on the behavior of an index.
3. Home Finance of America's Adjustable Rate Mortgages do not have pre-payment penalties. You have the ability to refinance or payoff your ARM loan before your interest rate ever adjusts.

At Home Finance of America our goal is to offer you low mortgage rates and the best service available. Call us toll free at 800-358-LOAN (5626). Or, Apply Online using our secure server today. It only takes minutes and a Mortgage Professional is available to help you 7 days a week!