Conventional rates are slowly on the rise, making adjustable-rate mortgages (ARMs) more attractive. For those concerned about the stability of their mortgage payment, Capital City Home Loans offers 7 and 10-year ARM programs which delay the first-rate adjustment to 7 or 10 years.
The initial years prior to the adjustment are when the loan balance is at its highest. Even if the mortgage is maintained longer than the fixed period, adjustable rates have historically been lower than their fixed rate counterparts.
At any time, the mortgage can be refinanced without penalty if rates decrease. As of April 12, 2022, the initial rate for these programs is over one percent less than a comparable fixed option, so the money that would be saved makes this a very competitive option.
For those who qualify, Capital City Home Loans offers this unique program for the purchase or refinance of a primary residence, a second home or an investment property. The property can be a 1-4 unit detached, attached or a condominium. This product can be used for a construction-permanent loan, (for those looking to build a primary residence or second detached home only). Ironically in most cases, the portfolio 7 or 10-year ARM product offers more stability for a construction-permanent than a fixed rate option since the rate doesn’t change after construction.
Please call me today to see if you qualify!
Monica Nash | Mortgage Consultant
1545 Raymond Diehl Road | Suite 110 | Tallahassee, FL 32301
Office 850.427.8981 | Cell 850.566.5259 | Fax 850.201.2131
Visit my website to apply online.
NMLS ID# 75615 | MLO NMLS ID# 1561796
Equal Housing Lender
