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Adjustable Rate Mortgage

Is an adjustable rate mortgage right for you?

An adjustable rate mortgage, also called an ARM or variable rate mortgage, is a type of mortgage loan that begins with a low introductory interest rate for a certain period of time, usually 5 to 7 years. During that time, the interest rate and the mortgage payment are fixed and cannot change. But after that initial period, the interest rate may be adjusted up or down depending on the terms of the loan and the market movement on which the adjustable rate mortgage is based. In a 3 year ARM, for example, the rate will be fixed for the first three years and then adjusted annually every year after.

An adjustable rate mortgage may offer initial or introductory rates that are lower than a fixed rate mortgage. This can be particularly helpful if you’re trying to get the most from your monthly budget, or if you’re planning to move within a few years before the introductory period ends and the interest rate is adjusted. An adjustable rate mortgage may also be a good option when you anticipate that interest rates are likely to go down in the future.

When you want help to determine if an adjustable rate mortgage is right for you, a Mortgage Loan Originator at eLEND can create a Custom Rate Quote for your specific financial situation.

Choose eLEND for your adjustable rate mortgage.

As a division of American Financial Resources, Inc., eLEND is dedicated to providing affordable home financing options to first time home buyers and existing homeowners. Our goal is to simplify the mortgage process by employing the latest technology and delivering educational resources for our customers. When you choose an adjustable rate mortgage or another mortgage product with eLEND, you’ll work with some of the most dedicated and knowledgeable mortgage specialists in the business.

Find an adjustable rate mortgage at eLEND.

eLEND offers adjustable rate financing for homes occupied by owners as well as vacation homes, investment properties and homes with 1 to 4 units. Adjustable rate mortgage programs at eLEND include:

Qualification for an adjustable rate mortgage depends on several factors including credit history, the amount of other debts you owe, and your annual income.

eLEND also offers a variety of other mortgage products, including fixed rate mortgages, FHA loans, VA loans, USDA loans, jumbo loans and renovation loans.

Learn more about an adjustable rate mortgage at eLEND.

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