Is a fixed-rate or adjustable-rate mortgage the best choice for you? Matthew. How these loans work — the quick version. On the other hand, with a 5/1 ARM, your initial interest rate will be fixed for a period of five years.
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A 7/1 ARM is an adjustable-rate mortgage that carries a fixed interest rate for the first seven years of its term, along with fixed principal and interest payments.
Adjustable rate mortgages carry a higher degree of risk as rates can and will change over time. Be sure to speak with a licensed mortgage professional for more information. Call (800) 564-4342 or complete the quote form on this page to request information. 3/1, 5/1 and 7/1 ARM options.
Final approval from the underwriter: What happens next? Clear to Close Issued. When your loan officer calls to say your loan is Clear to Close (CTC) that means the underwriter has approved all documentation necessary for the title company to schedule the closing and start drafting the Closing Disclosure. But it isn’t a guarantee your loan will close.Home closing: Avoid falling at the finish line One of the main dilemmas that’s pretty common to a lot of people who are getting older is the idea that maybe there’s a finish line and that maybe there’s a time in your life when you start to slow down and stop and smell the roses and just kind of settle into what will be a comfortable period in your life.
How Adjustable Rate Mortgages Work Your interest rate is fixed for a specific period.. Your rate won’t increase more than 5% of the original rate throughout the life of the loan. A popular option is a 5/1 Adjustable Rate Mortgage, or ARM where your interest rate is fixed for 5 years. The Different Types of Adjustable Rate Mortgages
An adjustable-rate mortgage (ARM) is a loan in which the interest rate may change periodically, usually based upon a pre-determined index. The ARM loan may include an initial fixed-rate period that is typically 3 to 10 years.
· While that remains to be seen, there’s no question that an ARM can be cheaper than a 30-year fixed-rate mortgage based on lower initial interest rates and points. The initial fixed-rate period is usually three, five, seven or 10 years, after which the loan customarily adjusts annually. That’s why these loans are known as 3/1, 5/1, 7/1 and 10/1.
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With an adjustable rate mortgage (arm), your interest rate may change periodically. Compare adjustable-rate mortgage options and rates, including 5/1, 7/1 and 10/1 ARMs available from Bank of America.
That’s right, 7/1 ARM mortgage rates are cheaper than the 30-year fixed, or at least they should be. By cheaper, I mean it comes with a lower interest rate than the 30-year fixed, which equates to a lower monthly mortgage payment for the first 84 months!