5/1 Adjustable Rate Mortgage. This 30-year loan offers a fixed interest rate for the first 5 years and then turns into a 1 Year Adjustable Rate Mortgage for the remaining 25 years of the loan. This loan has a longer initial fixed period than the 3/1 Adjustable. This loan may be for you if you fit the profile for the 3/1 Adjustable Mortgage.
Adjustable Rate Mortgage Calculator Estimate Monthly 3/1, 5/1, 7/1 & 10/1 Payments . Calculate ARMs; Rates . arm mortgage calculator. Use this calculator to quickly estimate your monthly mortgage payments for adjustable rate home loans. Loan Amount:
How Do 5/1 ARM Loans Work? | Sapling.com – A 5/1 arm home loan is also known as a hybrid adjustable-rate mortgage (ARM). The 5/1 ARM has characteristics of both a fixed-rate and an adjustable-rate mortgage, and offers a fixed payment that is significantly lower, for an initial period of five years, than that of a traditional 30-year fixed-rate mortgage.
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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!
5/1 ARM: Your interest rate is set for 5 years then adjusts for 25 years. 3/1 ARM: Your interest rate is set for 3 years then adjusts for 27 years. General Advantages and Disadvantages. The initial interest rates for adjustable rate mortgages are normally lower than a fixed rate mortgage, which in turn means your monthly payment is lower.
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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.
· ARMs come in terms of 3/1, 5/5, 5/1 (standard and high-balance), 7/1, and 10/1. No Origination Fees BECU is excited to announce yet another way we can save our members’ money: NO origination fee on conventional fixed-rate or adjustable-rate mortgage home loans for purchase and refinance transactions **.
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