Adjustable Rate Mortgage
A Spencer Adjustable Rate Mortgage (ARM) is ideal when you only plan on keeping your home for 5-7 years or when you would rather pay less now, but expect your income to increase in the future. ARMs usually start out with a lower interest rate than fixed rate home mortgages and remain constant for a specified amount of time. After the initial period, the rate is adjusted for a specific period of time, and can go up or down according to the index, margin and adjustment period/lifetime caps stated.
Adjustable Rate Mortgage features:
- Potential Tax Benefits (consult your tax advisor)
- Low Monthly Mortgage Payments
- Lower Interest Rates than Traditional Fixed Loans
- Annual/Lifetime Cap on Interest Rate Adjustments
Contact Us Today
Jim Harilaou
Mortgage Sales RepresentativeNMLS# 519891 jharilaou@spencersavings.com 1-201-703-3800 ext. 8336