What is An Adjustable Rate Mortgage?
Providing Flexibility for Homeowners
An adjustable-rate mortgage (ARM) is a loan term option with interest rates that can change periodically after the initial fixed-rate period. After this introductory period, monthly payments are susceptible to increases or decreases based on market fluctuations, which can also affect the monthly payment.
Adjustable-Rate Mortgage Highlights
An ARM might be the right option for you if you plan on moving within 7 years since they feature lower introductory interest rates. If interest rates are expected to fall, a homeowner could potentially reduce their monthly payments with the lowered interest rates. Highlights of an adjustable-rate mortgage include:
- Lower initial monthly payments
- Possibility to qualify for higher loan amounts
- Rates and Payments may decrease based on the index rate
If you are interested in an adjustable-rate mortgage, please contact an Elite Group Mortgage Professional.
Other Loan Options
VA LOAN
Best if you are active-duty military, a veteran or military spouse.
FHA
Best if you are a first-time homebuyer or have a limited amount of funds for a down payment.
Conventional
Best if you have good credit and a larger down payment to possibly receive lower rates with more flexible terms
Carson Paiz
Elite Group Mortgage Expert
Kim Deaner2022-07-18Ashley and Heston were so helpful! And got me into my own home fast!
Russell Waganer2022-06-16Jennie answer all my questions. There was a lot I didn't know but jennie helped out 100% I was very lucky to have her as my loan officer. I an very satisfied and would recommend her to everyone that needs a home loan.
Teri Heffner2021-12-02Ashley is amazing and will go above and beyond to help people out. She is always willing to work with you, stays flexible, and is kind and respectful to any situation. I will keep going back to her over and over.
Sharla Carpenter2021-11-30The process for refinance was very efficient and did not take long to complete. Loved working with Jennie through this process. She was very professional, informative, kind and caring.
Rommel McClaney2021-11-24Very knowledgeable and very responsive! 6 months later and I'm still pleased with how Fairway worked with me!
Ashley Moon2021-11-22Working with Alfredo at Fairway was very smooth from start to finish. He was always available to answer questions and keeps you informed during the entire mortgage process. Extremely casual and not intimidating. Very pleased!
Nick Swofford2021-11-22I worked with rylie and he exceeded my expectations! Always there when I had a question! Reliable, honest and trustworthy! You won't be disappointed.
Elite Group Mortgage offers home purchase and refinances loans. We are headquartered in Grand Junction, Colorado. Elite Group Mortgage is dedicated to helping you achieve your home financing goals. Equal Housing Opportunity.
