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

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