How ARM rates work: 3/1, 5/1, 7/1 and 10/1 mortgages

Today’s ARM mortgage rates are still nice and low for homebuyers and for refinancing. The 3/1 and 5/1 products are still available at less than three percent for highly-qualified borrowers. Talk to a skilled mortgage pro about selecting the right ARM loan for your circumstances.

3/1 Adjustable Rate Mortgage (3/1 ARM or 3 year ARM) Adjustable Rate Mortgage. 3/1 ARM (3 year ARM)- the rate is fixed for a period of 3 years after which in the 4th year the loan becomes an adjustable rate mortgage (ARM).The adjustable rate is tied to the 1-year treasury index and is added to a pre-determined margin (usually between 2.25-3.0%) to arrive at your new monthly rate.

Best adjustable-rate mortgage lenders for first-time home buyers As a first-time home buyer, there’s a lot to consider. These lenders can help you navigate your adjustable-rate home loan options.

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After the initial introductory period the loan shifts from acting like a fixed-rate mortgage to behaving like an adjustable-rate mortgage, where rates are allowed to float or reset each year. If a loan is named a 5/1 ARM then what that means is the loan is fixed for the first 5 years & then the rate resets each year thereafter.

For comparison purposes, a 3-year adjustable rate mortgage of $200,000 with a 20% down payment at an APR of 5.214% with 0.250 discount points and a $985 origination fee with a credit score of 740 would result in 36 equal payments of $983.88 and 324 equal payments of $1109.25.

Mortgage Market Insight Ep.26: What are some ARM mortgage types? 5/1 ARM: Your interest rate is set for 5 years then adjusts for 25 years. 3/1 ARM: Your interest rate is set for 3 years then adjusts for 27 years. general advantages and Disadvantages. The initial interest rates for adjustable rate mortgages are normally lower than a fixed rate mortgage, which in turn means your monthly payment is lower.

Adjustable Rate Mortgage Calculator estimate monthly 3/1, 5/1, 7/1 & 10/1 Payments . Calculate ARMs; Rates . ARM Mortgage Calculator. Use this calculator to quickly estimate your monthly mortgage payments for adjustable rate home loans. Loan Amount:

Even before this mortgage mess started. outstanding principal balances do not grow at a rate of up to 7% per year. Not considering every Option ARM a sub-prime loan is a mistake. The 3/1, 5/1, 7/1.

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