Adjustable Rate Loans
About Adjustable Rate Loans
What are Adjustable Rate Loans?
The interest rate on this loan will be fixed for a stated period of time and will then become adjustable for the remainder of the loan. For example, a 5-year fixed (30-year) loan would have a fixed interest rate for the first five years and then convert to an adjustable-rate for the remaining 25 years.
Adjustable rate loans have more risk due to the possibility that the interest rate could increase. However, because you are assuming additional risk the lender will generally reward you with a lower interest rate and monthly payment during the initial fixed interest period.
These loans are of particular benefit to borrowers that plan to either sell the property or refinance before reaching the adjustable period. Cason offers several ARM programs with fixed interest ranging from 1-year to 10-year terms.
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Matthew Enright (NMLS# 1534960) is your senior loan officer with Cason Home Loans. As a Columbus Ohio mortgage loan advisor, Matthew Enright can help you achieve your vision for your future home!
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