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June
2015

Adjustable Rate Mortgage

Published in Conventional Loans
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  •  Rate is fixed for a period of 5, 7 or 10 years
  •  After the fixed-rate period, your interest rate may change once per year – either up or down
  •  No prepayment penalty
 

Summary

Adjustable Rate Mortgages (ARM) may provide you with the flexibility of a lower starting interest rate and initial monthly payment. ARM loans are well-suited for people who don’t plan to stay in the property long-term, or expect their income to rise over time. It is important to keep in mind that the rate adjusts based on market rates, and fluctuates periodically based on financial market conditions, which may result in a higher monthly payment.

 

  • Adjustable Rate Mortgages (ARM) have an interest rate that is fixed for an initial period (5, 7 or 10 years) and becomes adjustable annually for the remainder of the loan term. For example, a 5/1 ARM would have a fixed interest rate for the first five years and then the rate will adjust annually for the remaining term of the loan.
  • Includes an interest rate cap that sets a limit on how high your interest rate can go.
  • No prepayment penalty. You may pay some or all of your loan balance in advance without a penalty. A ResMac lending expert can help you select the right loan and terms for your situation. Call a loan officer at (973) 964-0010.
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  • Conventional Loans

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Licensed by the N.J. Department of Banking and Insurance. NMLS # 272616. Axcell Financial Mortgage Corp. / DBA AFM Mortgage Corp. Copyright © 2010- 2015 at 2444 Morris Avenue, Suites 114, Union, NJ 07083.

Axcell Financial Mortgage Corp. DOES NOT issue loan commitments or fund any loans, We are brokers licensed by the N.J. department of Banking and Insurance and we arrange loans with third party providers.

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