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Adjustable-Rate Mortgages

Staying in the same home for 30 years may not be in your plans - which is one reason to consider an Adjustable-Rate Mortgage (ARM). While the name of this type of loan almost says it all, there are certain things about Adjustable-Rate Mortgages (ARMs) that you should know.

An Adjustable-Rate Mortgage may be a good choice if you:

  • Want to qualify for a larger mortgage amount
  • Want to keep your payments lower during the first few years of your loan
  • Plan to stay in your home for a relatively short period of time
  • Plan to payoff your mortgage within the next few years
  • Expect your income to increase significantly in the future

What you should know about Adjustable-Rate Mortgages

The Rates Are Lower. Because ARMs are subject to rate adjustments later in the mortgage term, the initial interest rate is set lower than standard fixed-rates. This rate provides you with initial lower payments or increased purchasing power.

ARMs Have Changed. Our programs provide an initial fixed-rate from one to ten years before the rate adjusts. These options are best for those who want added payment stability and lower monthly expenses.

Life Styles Change. First-time home buyers no longer tend to stay in their "starter" home for 30 years and experienced homeowners often plan to payoff their mortgage long before the 30-year maturity date. Both of these types of members may benefit from choosing an ARM product with an initial fixed-rate period that corresponds with the amount of time their loan is expected to be outstanding.

Processing and underwriting for People First Mortgages are provided through our partner, First Heritage Financial, LLC.

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