Michael Ayoub

Phone: 586-649-2600   |   Fax:586-649-2235
Email: mayoub@cranbrookloans.com
 
 
 Adjustable Rate Mortgage (ARM)
  • Rates under 3% for 1 year!
  • Or, get a rate under 4.25% for 3 years!
  • Get a lower rate and a lower payment.
  • Reduce your mortgage payment even more with our interest-only payment option.
  • With the Choice Pay program you can choose from four low payment options on a monthly basis. The rates start as low as 1.00%
  • This option is for anybody planning to move within 7 years.

What is an ARM?
A mortgage in which the rate of interest is adjusted based on a standard rate index. Most ARMs have caps on how much the interest rate may increase, after the fixed term. ARM Loan payments and rates can be fixed for a specific term, up to 10 years.

Okay, now what does that mean in English…
An adjustable rate mortgage, does not apply the same interest rate toward monthly payments for the life of the loan. Throughout the life of that loan, the homebuyer's principal and interest payment will adjust periodically based on fluctuations in the interest rate. The interest rate offered can be fixed for a period of 1 or 6 months, and 1, 2, 3, 5, 7, and 10 years.

Talk with our Home Loan Expert to see if this is the right fit for you Contact Us

*Rates subject to change without notice.


 

 
 

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