Save on Mortgage Interest with a 3 Year ARM
Looking for a mortgage that lets you save significant interest in the early years of owning a home? Consider the 3 year ARM mortgage program from eLEND.
The 3 year ARM is a 30 year hybrid mortgage that combines features of both a fixed and adjustable rate mortgage. During the first three years of the program, the mortgage interest rate is fixed and mortgage payments will be the same each month. Over the next 27 years, the mortgage interest rate may only adjust once each year, with caps set in place to prevent the rate from rising beyond a certain point.
Like most adjustable rate mortgages, eLEND’s 3 year ARM may offer initial rates that are considerably lower than mortgage rates today for fixed mortgages, enabling you to save a significant amount on interest early on.
For help with a home loan comparison to decide whether a 3 year ARM is the right mortgage program for you, contact the mortgage specialists at eLEND. Our knowledgeable professionals will help you identify and compare mortgages available to you to determine which program will best assist you achieve your financial goals.
Is a 3 Year ARM a Good Choice for You?
A 3 year ARM could be the right mortgage program for you if any of the following statements are true.
- You plan on selling the home or refinancing the mortgage within the first 3 to 5 years.
- You want to realize significant savings on interest during the first three years of your mortgage.
- Your household income is likely to increase over the next three years, enabling you to afford a potential increase in mortgage payments.
- You have the financial means to manage a higher monthly payment in the event the rate on your 3 year ARM rises before you can sell the home or refinance the mortgage.
Alternatives to the 3 Year ARM
Here are some programs that eLEND offers that are comparable to a 3 Year ARM:
- Fixed Rate Mortgages of 10 to 30 years.
- Adjustable Rate Mortgages with initial periods of 5 to 7 years.
- Jumbo Loans for higher-priced properties.
- Purchase and Renovation Loans that cover the cost of both buying and repairing a home.
- Government-backed mortgages including FHA Loans, VA Loans and USDA Rural Housing Loans.
Learn more about a 3 year ARM from eLEND, and find out how much home and how large a mortgage you can afford with our online home affordability calculators.