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Adjustable
Rate Mortgages
If you are a
first time home buyer, not planning on living in your home for more than
5 years or fixed interest rates are high than an adjustable rate
mortgage (ARM) may be right for you. ARMs are generally amortized over a
30 year period. Security Pacific Financial has many unique ARM programs
and niche products that are easy to understand for the first time home
buyer or a seasoned real estate investor.
Our ARMs programs come in the following
varieties:
1-Month ARM - Can adjust monthly
6-Month ARM - Adjusts every six months
1/1 LIBOR ARM - Fixed for 1-year then adjusts every year
3/1 LIBOR ARM - Fixed for 3-years then adjusts every year
5/1 LIBOR ARM - Fixed for 5-years then adjusts every year
7/1 LIBOR ARM - Fixed for 7-years then adjusts every year
10/1 LIBOR ARM - Fixed for 10-years then adjusts every year
We have three major index brackets that our
adjustable rate mortgages follow:
LIBOR index - The London Inter Bank Offering Rate is the most
common index that ARMs follow. The upside to this index is that you can
get several options with fixed initial rates. The downside is the index
adjusts more rapidly than the other indices we offer.
COFI, COSI, and CODI indices - The Cost of Funds Index, Cost of
Savings Index, and Certificates of Deposits Index are the slowest moving
indexes. For larger size loans, $500,000+ these indices offer great long
term stability.
MTA Index - The Monthly Treasury Average offers extremely low
starting interest rates and is another great solution for large or jumbo
loans. Another excellent feature of MTA ARMs is that they have negative
amortization and interest only options.
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