Connecticut Adjustable Rate Mortgage

A Connecticut adjustable rate mortgage is a loan with an interest rate that changes over time based on an index. An adjustable rate mortgage has an interest rate that is fixed for the first several years (ex. 3, 5, 7, or 10 years) and then becomes variable for the remainder of the loan. In the earlier years of a Connecticut adjustable rate mortgage the interest rate is usually much lower than the fixed rate of a conventional 30-year mortgage, which makes it more affordable for people whose incomes are lower now than they expect them to be in a few years.

A Connecticut adjustable rate mortgage (ARM) has many options available. The perception is that over an extended period of time a Connecticut adjustable rate mortgages will have lower interest expenses than fixed rate loans. To get this benefit you must be willing to live with both changes up and down in your interest rate and your monthly mortgage payment. If you can live with the uncertainty, then there is a good chance that you can

save on your interest expense.

Connecticut Adjustable Rate Mortgage Highlights:

Lower initial monthly payment

Lower payment over a shorter period of time

Rates and payments may go down if rates improve

May qualify for higher loan amounts

A Connecticut Adjustable Rate Mortgage has always attracted buyers who expect to be in the house for only a few years. For example the interest rate on a 5/1 ARM is set for the first five years and is then adjusted annually thereafter. If you are buying your first home or have a growing family, why pay for a 30 year mortgage.

For more information on a Connecticut Adjustable Rate Mortgage

Contact one of our Connecticut adjustable rate mortgage professionals at 1-800-743-9233 or click here for more information.

You will acquire your own personal Connecticut adjustable rate mortgage consultant to help get you started with the mortgage process and more fully explain why a Connecticut adjustable rate mortgage might be a good option for you.