Adjustable Rate Mortgages (ARMs)
Are you ready to make your next luxury purchase?Introducing Midwest Equity Mortgage's adjustable rate mortgages meant to amplify your life by helping you get a loan for your forever home!
By purchase or refinancing with a Jumbo ARM, your starting interest rate is typically lower than other kinds of loans for 5, 7 or 10 years. After the initial fixed term the interest rate may go up or down depending on the market annually. That means your monthly mortgage payment can go up or down, annually.
The main feature of an Adjustable Rate Mortgage (ARM) is your interest rate's ability to change over the term of the loan.
This means your monthly payments could go up or down, depending on what the interest rate is at any given time. If the interest rate falls, you'll end up paying less per month. However, if the interest rate goes up over time, your payment will increase as well.
Rates can be capped at a certain amount so you'll never pay more than a particular interest rate. Also, keep in mind that if you intend to pay your mortgage off before the end of the repayment term, you may be required to pay a penalty fee. You can apply ARM to both home purchases and home refinances.Call a mortgage expert
at Midwest Equity Mortgage, a division of Celebrity Home Loans, LLC today to find out if an ARM is the right choice for you.Apply online today.