- Homebuyers
- July 2, 2019
5/1 ARM vs. 10/1 ARM: Which is Right for You?
When deciding between a 5/1 adjustable rate mortgage (ARM) and a 10/1 ARM, the distinction between the two is the initial fixed interest rate period.
When deciding between a 5/1 adjustable rate mortgage (ARM) and a 10/1 ARM, the distinction between the two is the initial fixed interest rate period.
A 5/1 ARM home loan is designed to provide a lower interest rate initially. This interest rate will be fixed for the first five years of the loan.
Purchasing a fixer-upper can do more than satisfy your housing needs.
VA home loans help Veterans and service-members buy homes. These service members and women fought for our dreams, and now it's time we help theirs come true.
If you want to pay off your 30-year Fixed-Rate loan in half the time, a 15 -year Fixed-Rate Mortgage may be your best option.
The two most common fixed-rate loan durations are 15 and 30 years. Whether you want a shorter or longer loan term will depend on your financial situation.
The main advantage of an ARM is that for the initial payment period of the loan, you are paying a very low interest rate and have much more affordable monthly payments.
If you're wondering which loan is the right choice for you, this guide can help you understand your options.
Current VA mortgage holders may refinance with the VA Interest Rate Reduction Refinance Loan (IRRRL) to lower their interest rate.
Guide to Veterans Loans loans. If you have served in the U.S. military or are a surviving spouse of an individual who passed away while on active duty, you may qualify for a VA home loan.