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  • Adjustable Rate Mortgages (ARM)

    AdjRate

    When it comes to Adjustable Rate Mortgages (ARMs) there’s a basic rule to remember…the longer you ask the lender to charge you a specific rate, the more expensive the loan.

    A variable-rate mortgage, also commonly referred to as an adjustable rate mortgage or a floating-rate mortgage, is a loan in which the rate of interest is subject to change. When such a change occurs, the monthly payment is “adjusted” to reflect the new interest rate. Over long periods of time, interest rates generally increase. An increase in interest rates will cause the monthly payment on an adjustable-rate mortgage to move higher.

    Advantages

    Variable-rate mortgages have enjoyed a surge in popularity as a result of increasing home prices. With the price of housing skyrocketing, many would-be homeowners are being priced out of the market when they attempt to cover the costs of a new home with a traditional, fixed-rate mortgage. Variable-rate mortgages have lower initial interest rates than fixed-rate mortgages, resulting in lower monthly mortgage payments.

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    AMERISAVE
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    AMERISAVE

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    Time in business: 12+ months $8K in monthly revenue Minimum credit score: none
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