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.
Whitney is extremely professional and personable. She is very knowledgeable and was so helpful in the whole process of finding the perfect house. She was great to work with and always made time for us. We would recommend her to anyone in the market to rent or buy!
I was very impressed with the knowledge and experience from Clair Lee, my realtor, from Amanda Howard Realty. I have listed two homes with this company and have been more than satisfied with the results. They are the only company that I have dealt with in the last 20 years that has total feedback daily on the market and personal feedback on the homes that I had listed. I would definitely recommend this company highly.
Thank you Amanda and team for assisting with our relocation to Bama! A great experience. Everyone is happy.
I have never been so impressed with a real estate firm as I have been with Amanda Howard! My listing agent, Michelle Daymond, was honest, efficient and totally knowledgeable about all facets of listing a house for sale. This firm is completely up-to-speed on a technical level I have never seen in real estate. This was as stress-free as selling a home can be. Thank you.
I’ve never felt more taken care of in the process of selling my house. Thanks Michelle. You are a rose among real estate thorns! I can’t express my gratitude with words to describe how you’ve helped me with closing a chapter in my life with the sale of my late fathers house. Thank you.
We weren’t looking to buy a house, but I’m glad we came to Amanda Howard when we did. Whitney Stringer was a perfect fit for us! She listened to our concerns, answered our questions, and was patient and very professional. We looked at the house on 6/16, put in an offer on 6/17, and closed on 7/27. Everything went smoothly (and quickly). If we ever have to sell or buy again, we’d definitely go through AHRE!
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!
Natalie Jones is amazing. She is extremely knowledgeable, professional, and lovely to deal with. She knows the Huntsville area market and will work very hard for you. Natalie always put our family needs first! She represented me in my first real estate auction experience. We won it and Natalie made it happen all the way through to closing, very smooth with no surprises. You can’t go wrong with Natalie and the Amanda Howard team of professionals.
As a home builder, the agents at AHRE have spoiled me. They are well educated in all aspects of the market, highly driven, skilled and well seasoned by the training they receive working for Amanda and Travis Howard. They don’t believe in the word “try”. They believe in the word “do”.
Amanda Howard Real Estate was recommended by my granddaughter, who knew Amanda through her work activity. Her recommendation certainly held true. Michele Daymond surely stood up for the company. The entire force at Amanda Howard is involved, and they sold my condo in a matter of days!