Flexible rates that adjust over time, potentially offering savings.
Adjustable Rate Mortgages (ARMs) offer an initial period of lower interest rates that adjust over time, making them a great option for those planning to move or refinance within a few years.
ARMs provide flexibility and potential savings for borrowers with short-term plans.
ARMs typically start with a lower interest rate than fixed-rate mortgages, leading to lower monthly payments in the early years of the loan.
The interest rate on an ARM adjusts periodically, which can benefit borrowers if rates decrease over time.
For those planning to move or refinance within a few years, the lower initial rate of an ARM can result in significant interest savings compared to a fixed-rate mortgage.
ARMs come with different adjustment terms, allowing borrowers to choose how frequently their rate will adjust, providing flexibility based on their financial goals.
