“I want the lowest possible interest rate, even if my monthly payment might change over time.”
Consider taking advantage of a lower initial interest rate and lower monthly payments if you plan to be in your home for a short period of time. An adjustable-rate mortgage (ARM) home loan may also be a good option for you if you want to refinance into a fixed-rate loan once interest rates adjust in the future.
If you choose an ARM loan, your interest rate will vary with the market after a set period of time, usually 3, 5, 7 or 10 years, depending on the ARM rate you choose. And while many don’t see ARM loans in a positive light, they can be a great financing option for those with specific circumstances. If you aren’t planning to live in the home for a long period of time or you plan to refinance in the future, talk to our team at MegaStar Financial about possible benefits of an ARM loan.