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What is an Adjustable Rate Mortgage?
Today’s homebuyers are in a unique position to combine the benefits of a fixed-rate mortgage with the savings opportunities of an Adjustable Rate Mortgage (ARM). As your trusted mortgage lender, we offer solutions that give you the best of both worlds, offering stability and potential savings — in one innovative package.
How Does an Adjustable Rate Mortgage Work?
An ARM offers a fixed-rate term, followed by regular rate adjustment intervals thereafter. This structure provides initial stability with the potential for lower rates in the future. Often, these loans are represented by fractions, such as 10/1. The first number represents the number of years the interest rate is fixed. The second number indicates the adjustment interval, or how often the interest rate will change.
For example, in a 7/1 loan, the fixed period is 7 years. After that time, the interest rate adjusts every 1 year for the life of the loan. This gives you 7 years of predictable payments, followed by annual adjustments that could lower your rate based on market conditions.
At First Heritage Mortgage, we’re proud to offer you a variety of ARM options to suit your needs, including 5, 7, 10, and even 15 year fixed-rate terms. Whether you’re a young professional expecting a promotion or a family planning to upsize in a decade, there’s an ARM that aligns with your present — and your future.
What Are Some Advantages of Adjustable Rate Mortgages?
Some of the benefits of an ARM include the following:
Lower interest rates
Lower interest rates during the initial fixed term — typically 0.5% to 1% lower than fixed-rate mortgages in the early years.
Rate Terms
Ability to choose from 5, 7, 10, and even 15 year fixed-rate terms
Loan Options
Variety of loan amounts available, including conventional and jumbo loans
Rate Safety
Safety against surprises with adjustment caps
Is an ARM Right for You?
An ARM might be perfect for you if you plan to sell or refinance your home within 5-10 years. But that’s not the only reason to consider it — if you expect your income to grow significantly in the next few years and are comfortable with some payment uncertainty, an ARM could be a great choice. Lower initial payments enable you to afford more home, right away.
However, if you value long-term payment stability or plan to stay put for decades, a fixed-rate mortgage might be better. It’s all about matching your loan to your life plan.
At First Heritage Mortgage, we believe in empowering informed decisions. We don’t just offer ARMs — we help you understand them. As your dedicated mortgage lender, our team will explain to you each option, project future payments, and guide you to the loan type that best fits your goals.
Curious about our other offerings? Be sure to check out our fixed-rate mortgage loans, along with our other programs, like USDA, VA, and FHA loans.
Ready? Let’s get started.
Get in touch with our team of adjustable rate mortgage lenders to learn more about the loan option that’s best for you.
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