HOME LOAN OPTIONS
Adjustable Rate Mortgage (ARM) Loan
Get an Adjustable Rate Mortgage (ARM) quote. Talk with a friendly Omega loan expert and we’ll find the right home loan program for you.
- Lower rate and payment early in the loan term.
- May increase buying power because of a lower payment when qualifying.
- Allow borrowers to take advantage of falling rates without refinancing.
- A cheaper way for borrowers who don’t plan on living in one place for very long to buy a house.
What is an ARM loan?
An adjustable-rate mortgage (ARM) is a type of mortgage in which the interest rate applied to the outstanding balance changes throughout the life of the loan at regular intervals based on a formula that uses the market index.
For most ARM options, rate adjustments begin after an initial period of five, seven, or ten years. During the initial period, the rate is fixed.
The most popular adjustable-rate mortgage is the 5/1 ARM. The 5/1 ARM’s introductory rate lasts for five years. (That’s the “5” in 5/1). After that, the interest rate can change once a year. (That’s the “1” in 5/1). Talk with us about 3/1 ARMs, 7/1 ARMs, and 10/1 ARMs.
Features & Highlights
- Can be ideal if you plan to stay in your home for less than ten years
- Enjoy a low-interest rate and fixed monthly payments for a 5, 7, or 10-year period
- Quick approval and closing complete within 30 days