This mortgage is very popular since the interest rate won’t pinch your pocket.
Adjustable Rate Mortgage
This mortgage is very popular since the interest rate won’t pinch your pocket. It will be one less burden to have while making your monthly payment.
How conducive is the Adjustable Rate Mortgage for you?
The conducive aspect that must be mentioned is paying a fixed interest rate for a certain period. However, the nature of the market might push you to pay a varying interest rate annually.
Types of Adjustable Rate Mortgages
- You can get an FHA loan with an ARM Option,
- Service members and spouses if they meet the eligibility criteria
Saving Benefits of Adjustable Rate Mortgage
- Interest rate at the initial period is low
- Down payment is at a minimum, i.e. 3%