An adjustable rate mortgage (ARM) from Divito Lending may help you save money on your loan, especially if you’ll be living in the home for only a few years.
Several types of ARMs are available — the most common being 3/1, 5/1, 7/1 and 10/1 ARMs. With an ARM, the first number represents the period during which your interest rate will be fixed. The second number represents how often your interest rate can change after the fixed period expires. So, in a 30-year 5/1 ARM, your interest rate would be the same for the first five years of your loan. After those five years, your interest rate can increase or decrease each year for the remaining 25 years of the mortgage.
However, you can set caps on your ARM to protect against these increases. A periodic cap limits how much your rate can adjust at specified adjustment dates. A lifetime cap limits how much your rate can increase over the life of your loan. A payment cap limits how much your monthly payment can increase with each adjustment.
FREE REAL ESTATE CONSULTATION
You must have sufficient income and credit history to qualify for an adjustable rate mortgage.
2700 North Federal Highway Suite 503 Boynton Beach FL 33435
Available when you need us
Security you can trust
Yes, we have to include some legalese down here. Divito Lending Group Inc. (DBA Mortgage-Genius in (Boynton Beach, Florida) (“Divito Lending”), a Florida corporation, is a licensed independent Mortgage broker. Divito Lending does not underwrite any Mortgage policy described on this website. The information provided on this site has been developed by Divito Lending for general informational and educational purposes. We do our best to ensure that this information is up-to-date and accurate. Any Mortgage policy premium quotes or ranges displayed are non-binding. The final Mortgage policy premium for any policy is determined by the underwriting Mortgage company following the application.
