Adjustable Rate Mortgage (ARM)
An ARM loan is an adjustable rate mortgage loan, with its interest rate having the potential to periodically fluctuate up or down. The borrower is essentially taking a calculated interest rate risk. Though the initial interest rate may be low, the borrower may end up paying more in interest throughout the life of the loan as compared to a fixed interest rate. This mortgage option provides flexibility and a financially strategic option for many borrowers.
How it Works
- Your initial interest rate remains fixed for a period of time (5, 7, or 10 years). After that, your interest rate is subject to adjustment at predetermined intervals.
- These adjustments are based on the current interest rate, but adjustment caps limit how much an interest rate can change in a specified time period.
- Payments may change over the life of your loan.
- Pay off your mortgage without pre-payment penalties.
- Refinance up to 95% of your primary home’s value.
- Buy a home with as little as 5% down (primary home).
- Loan amounts from $25,000 to $2,000,000.
LifeSource Mortgage will help you choose the mortgage that will work best for you. Let us help you with the following:
- Exceptional Personalized Service and Care—As a small, independent, family mortgage company; we care about our clients and our reputation. Serving you is our first priority and we are available almost any day of the week.
- The Best Mortgage Rates—We have the ability to shop interest rates from several lenders and our clients are very satisfied with our rates and responsiveness. Doing so gives our clients the best rate for their situation.
- Increased Chance of Approval—Combining the service of our knowledgeable loan officers with our access to several lenders gives us the ability to find the lender who will offer the highest probability for approval! We work quickly to make sure you get everything you need to get into the home of your dreams.