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Conventional ARM Mortgage

Features

  • Typically a lower interest rate than a fixed rate product.
  • Adjustable Rate Mortgage
  • Initial fixed terms of 1, 3, 5 and 7 years 15, 20 and 30 year amortization is available
  • Automated underwriting is available for this product.
  • Interest May Be Tax Deductible
  • LIBOR Index
  • Annual lifetime interest rate caps

Benefits

  • Possible lower monthly payment which allows the customer to qualify for a larger loan amount.
  • Initial lower rate can provide more purchasing power
  • Provides flexibility and stability to consumer for choice of initial fixed term.
  • Allows the customer to build equity quicker and pay off the loan faster.
  • Allows the customer to obtain faster loan approval and with limited documentation in most cases.
  • Depending on customers tax situation the interest paid on this loan may be tax deductible saving them even more money. Please recommend they discuss this with their accountant.
  • Relatively stable and well published, commonly used index
  • Limits maximum amount rate can change either annually or over loan life

Who does this product benefit?

  • Customers that may prefer a fixed rate but are attracted to the lower rates.
  • Customers that plan on staying in their home short term.
  • Customers that do not qualify for the home they want based on the interest rate on a fixed rate loan may qualify at the lower ARM rates.
  • Customers that need a quick pre-approval.
  • Customers looking for multiple product options.
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