Fixed rate mortgages are best for individuals who intend to remain in their homes for the duration of the loan. The interest rate may be higher than an ARM; however, there will be no hidden mortgage increases over the duration of the loan.
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5/5 Adjustable Rate Mortgage | CA Credit Union Loan – sccfcu.org – County Federal has a mortgage that offers the best of both worlds – the affordable, low rate of an adjustable rate loan, and the peace-of-mind that comes with a fixed-rate loan. Our 5/5 ARM is a great option for homeowners expecting to be in their homes less than 15 years because of the low initial interest rate.
Andrews Federal Credit Union is a federally chartered credit union with its main office at Suitland in Maryland, USA.
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Even with today’s low mortgage rates on 30 and 15-year fixed-rate loans, the initial interest rate on a 5/5 ARM is even lower, says Keith Gumbinger, vice president of HSH.com. 5/5 rates are under 3 percent in July. There’s added security, too. A 5/5 ARM works in much the same way as a traditional ARM but with more security built in.
A 3/27 adjustable-rate. rate of 3.5 percent. That’s a great mortgage rate at the start, but let’s assume that after three years, the LIibor index is at 3 percent and the bank’s margin is 2.5.
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The 5/5 ARM product listed above is a 30-year loan where the initial interest rate is fixed for the first 5 years (60 payments). After the initial five-year period, it is.
You save the most at the start of an adjustable rate mortgage because you get low monthly payments and a low interest rate for a fixed period.
5/5 Adjustable Rate Mortgage – First Tech Federal Credit Union – You may be familiar with a 5/1 ARM, which sets a fixed-rate for the first five years and then the rate adjusts annually thereafter. With our new 5/5 ARM, you will still enjoy that initial 5-year fixed-rate but then your rate adjusts only once every 5 years.
The 5/5 ARM then resets to a new rate every five years until the loan reaches the end of its 30-year life. Is a 5/5 ARM right for you? The answer depends on how prepared you are to pay a higher monthly payment five years from now.
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