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Conventional Adjustable-rate mortgages are for borrowers who:
- Have at least 1 month of pay-stubs only or 1 year of income tax returns
- Looking for the lowest possible rates
-Plan on holding on to the property for a predetermine time
- Significantly lower monthly payments
Available for Primary residence, Second homes and Investment properties
Terms for Adjustable-rates consist of 10-, 7-, 5-, and 3- years
Refinance up to 95% of your primary home's value
Purchase a new property for as little as 5% down (primary residence)
Loans from $25,000 to $3,000,000
Interest rates are fixed for a period of between three to ten years. After the fixed rate period, the interest rate can adjust up or down depending on market conditions.
Rate adjustments are capped around 5 % above your initial rate and 2% or 5% per adjustment period. For example if your initial interest rate is 3.99%, your rate will never be higher than 8.99%, and will never rise more than 2% per year. |
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