ARM (Adjustable Rate Mortgage)
An adjustable rate mortgage is also known as a “variable-rate mortgage” or a “floating-rate mortgage”. It is a type of mortgage in which the interest rate paid on the outstanding balance varies according to a specific benchmark. The initial interest rate is normally fixed for a period of time after which it is reset periodically, often every month. The interest rate paid by the borrower will be based on a benchmark plus an additional spread, called an ARM margin.
Both 2/28 and 3/27 mortgages are examples of ARMs. A 2/28 mortgage’s initial interest rate is fixed for a period of two years and then resets to a floating rate for the remaining 28 years of the mortgage. A 3/27 mortgage is typically the same as a 2/28 mortgage, except that the interest rate is fixed for three years and then floats for the remaining 27 years of the mortgage.
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I’ve been part of Amanda Howard Real Estate for 8 years now and still love to come to work everyday. Amanda and Travis has created a great place to work, learn and grow. They continue to seek and search for bigger and better ways to grow the company as well as each of us individually. I don’t know of any other company that will invest the amount of time and money in their people like they do!
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Amanda Howard truly has your best wishes at heart. They are professional, knowledgeable and try to take the stress out of your transaction. Amanda Howard is great!
The home buying process is very overwhelming and confusing with all of the paperwork that is constantly needing to be approved and signed. Glinda, with Amanda Howard Real Estate, made this process as simple as she could and the e-signing helped a lot! As a first time home buyer, I’m very pleased with my experience.