Agents, do your clients know about ARMs? This loan type might be an option that could help get them into a home with a lower initial interest rate. Pass this explanation on to them and then give us a call to get started! An ARM is an Adjustable Rate Mortgage. That means that your rate can and most likely will move after an initial fixed period of tine. Typically, ARMs are fixed for 3, 5, 7, 10 or even 15 years. In many instances, an ARM’s initial fixed rate is lower than a fixed rate loan. If you are planning to be in your home for a shorter period of time, an ARM can be a great option. The rate on an ARM can and most likely will increase after the initial rate time has expired. With the rate adjusting upward, your monthly principal and interest payment will increase. Compass offers 3, 5, 7, 10, and 15 year ARM products for both conforming and jumbo loans. This includes second home options. Reach out to learn more details. #ARM #adjustableratemortgage
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