The average homeowner refinances their mortgage or purchases a new home in under 10 years, and did you know you can refinance your current home loan into a new adjustable-rate or fixed-rate mortgage? An Adjustable Rate Mortgage, also known as an ARM, is a home loan with an interest rate that will change throughout the life of the loan. If you’re looking for a lower initial interest rate than a traditional fixed-rate mortgage, an ARM could provide you with additional savings and benefits during the early stages of your mortgage. Check out these 3 reasons to get an Adjustable Rate Mortgage.
Plus, you’re eligible for exclusive savings through your AmeriWallet.* See how you can start saving today with a better home loan.** If you are in the market to buy a home, get a loan pre-approval so you can shop with confidence to get the home of your dreams.
Benefits Of An ARM:
Lower Interest Rate And Monthly Payments
The initial interest rate of an ARM is typically lower than a Fixed-Rate Mortgage. This allows you to save money in the short term since there are lower monthly payments in the early stage of your loan.
With an ARM, your interest rate could increase over time, but there is typically a limit on how many times your rate can adjust as well as a cap on how much the interest rate can increase overall compared to your initial rate.
If you don’t plan on staying in your home for a long period of time, an ARM is a good option for you to take advantage of your low-interest rate.
Looking to get a head start on your 2023 savings? Let’s upgrade your mortgage and put money back in your wallet with a new Purchase or Refinance Loan.*
5 Money-Saving Tips To Start Today:
Lower Your Interest Rate
Reduce your monthly mortgage payment for real savings that add up over time.**
Pay Off Your Loan Sooner
Switch to shorter loan terms to save on interest.**
Lower Your Monthly Payment
Refinance with longer terms, so more money stays in your wallet.**
Cash-out to reduce high-interest credit card debt.
Pay For Larger Expenses
Invest in your home with updates that will yield a higher return should you decide to sell in the future.
Imagine The Possibilities With Your Better Home Loan!
*As a member of the AmeriHome family, borrowers are part of the AmeriWallet Rewards program. If you completed a home loan with us once, you will qualify for $500 off lender fees and up to $500 credit toward out-of-pocket appraisal fees paid for all of your future refinances or home purchases done with AmeriHome, for any property you own. To qualify for this offer, you must have previously financed the purchase of a home or refinanced with AmeriHome. You have financed with AmeriHome when AmeriHome Mortgage Company, LLC appears on the previous Promissory Note for your loan, and you are listed as a borrower on the Note. Credits will be applied only if your loan closes with AmeriHome. This offer can not be combined with any other offers and is not applicable for FHA Streamline, or VA IRRRL Refinance transactions. Other restrictions may apply. Terms and conditions are subject to change. AmeriWallet Rewards program is subject to termination without notice.
**By refinancing, your total finance charge could be higher over the life of the loan.