ARM vs. Fixed Rate Mortgage

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 HOME | REFI QUESTIONS | TERMS | CALCULATORS | REFINANCE

What is an ARM? An ARM is an adjustable rate mortgage whose interest rate can go up or down. By contrast, a fixed-rate loan locks in your rate for the life of your loan. 

The average ARM rate nationwide compared to the average fixed rates is usually less. ARM loans can be a bit risky as mortgage rates tend to fluctuate drastically from month to month and year to year. An ARM that starts out at 5.25 percent can increase to 7.25 percent in the second year, to 9.25 percent in the third year, and to 11.25 percent in the fourth year. Over that period your monthly payment would almost double from $500 to $1,000. 

Thus the advantage of fixed rate mortgages which are significantly lower compared to last months levels and are still at historically low levels.

Many homeowners are now refinancing mortgage a second time in order to save thousands of dollars more than their current refinance program. To see of a first or second refinance program will save you more on your monthly payments and tens of thousands over the term of you loan use the following helpful resources: 

To get started read selected tips and guides you have questions about. Then select any or all of the lending marketplaces below. Fill out each marketplaces loan request application indicating desired rate where appropriate.  Connect with lenders offering low rate mortgage loans here
 

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