Home Loans with a Variable Interest Rate
Academy Mortgage’s Adjustable-Rate Mortgages (ARMs) offer several advantages for homebuyers, particularly homebuyers who don’t plan to own their home for longer than 10 years or plan to refinance when the initial fixed-rate period ends.
With an Adjustable-Rate Mortgage (ARM), the interest rate stays constant for a specified loan period and then fluctuates based on market conditions. An ARM typically has a lower interest rate than a 30-year Fixed-Rate Mortgage for the initial fixed-rate period. However, at the end of the initial fixed-rate period, the interest rate becomes variable and may move up or down depending on the direction of the mortgage index it is associated with.
Sample loan scenario: $200,000 purchase price, 5% down payment, $1,349.76/month (PITI), 10-year fixed 4.00% interest rate, 4.859% APR. All mortgage products are subject to credit and property approval. Rates, program terms, and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Additional conditions, qualifications, and restrictions may apply. This is not an offer for extension of credit or a commitment to lend. Please contact Academy Mortgage for more information.
*Academy Mortgage’s 3rd Quarter 2016 Customer Satisfaction Survey, with a sample size of 6,944 Responses
** Source: CoreLogic Marketrac Report for 2015, published in January 2016