4 Types of Adjustable Rate Mortgage First Time Home Buyers Can Choose From
Design by Diana Walton- Houston First Time Home Buyer Specialist
Hello and welcome to Houston First Time Home Buyers Edition, formally First Home Houston (FHH), where we provide useful information to help Houston first time home buyers make the most informed decision when it comes to buying, decorating, and maintaining their first home.
If you are thinking of purchasing your first home and have not yet made a mortgage choice, you may want to speak with your loan officer about adjustable rate mortgages. While there are others, below are 4 types of ARM you can choose from, should you decide to go with an adjustable rate mortgage.
3/1 ARM: The rate will stay the same for the first 3 years and can change every year after.
5/1 ARM: The rate will stay the same for the first 5 years and can change every year after.
7/1 ARM: The rate will stay the same for the first 7 years and can change every year after.
10/1 ARM: The rate will stay the same for the first 10 years and can change every year after.
Keep in mind you do have options. You always want to speak with and work with a loan officer that is looking out for your best interest. Happy home shopping and see you at the closing table.
As always, thank you so much for stopping by. Remember, if you are thinking of purchasing your first home, please contact us. We are here to help. We have been helping Houston first time home buyers since 2011 and we can help you. I hope you have an amazing day. Until next time...Diana
