For that 30-year fixed-rate mortgage on a $100,000 home, refinancing from 9% to $5.5% cuts the term in half to 15 years, with only a slight change in the monthly payment from $804.62 to $817.08..
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5/5 Adjustable Rate Mortgage. Our Adjustable Rate Mortgage is different than a typical ARM in that your Annual Percentage Rate will stay the same for the first 5 years of the loan versus changing every year. After the initial 5 years, the rate will only adjust every 5 years for the life of the loan, depending on the market.
Whether you are in the market for a new home or improving a home you already own, Hometown Bank offers you a mortgage loan product to meet your needs. Our loan officers offer you personalized, professional, and local service.
The 5/5 ARM Is an Adjustable-Rate Mortgage for the Faint of Heart Last updated on August 1st, 2018 There’s a popular new loan in town that a lot of credit unions seem to be offering known as the "5/5 ARM," which essentially replaces the more aggressive 5/1 ARM that continues to be the mainstay at larger banks and lenders.
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A 5/5 ARM mortgage is a loan option for potential home buyers in which interest rates change, or are adjustable, after a period of time. Depending on the financial situation of the buyer, a 5/5 ARM mortgage might be a wise mortgage choice.
Get a competitive rate on an adjustable-rate mortgage loan (ARM) from U.S. Bank.
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Information Applicable to All Mortgage Loans. Rates, discount points and terms are based on an evaluation of each member’s credit history, loan-to-value (LTV), occupancy, payment type, loan amount and loan purpose, so your rate and terms may differ.
Can a 5/1 ARM be refinanced? Yes, assuming you qualify for the refinance. You can start with an ARM and move into a fixed-rate mortgage later, or go from an ARM to another ARM if you wish. Can I get another 5/1 ARM after the first five years are up? You sure can, again, assuming you qualify.
"Also tracking short-term Treasury notes, average rates on 1-year adjustable-rate mortgages [ARMs]dropped by 5-hundredth. to the slowest pace in 5 years to a seasonally adjusted 5.5 million units..
Fix the rate and payment on the first 3, 5, 7, or 10 years of your 30-year Adjustable Rate Mortgage.