An adjustable-rate mortgage (ARM) typically allows for lower rates, resulting in lower monthly payments, at the start of your mortgage. But that only lasts for the initial period set when you took the loan. After that, the interest – and monthly payments – will adjust to the current market rate, which could be higher or lower. There are definitely scenarios where this might be the best option, but always consider if you’re comfortable with the risk before taking an ARM.
We are based in Clayton, NC, and frequently help clients in Raleigh, Charlotte, Wilmington, Greensboro, and throughout the beautiful state of North Carolina. We are committed to helping North Carolina residents buy their dream home. For more information on conventional loans, or to apply for a loan, contact Rob Yo The Mortgage Pro at (919) 322-8201 or fill out the form on this page.