Adjustable Rate Mortgage Loans

Most homeowners do not stay in their homes for thirty years. So why are so many home loans thirty year fixed rate mortgages? If your plans include relocating or buying a different home in the next few years, you may want to consider taking out an adjustable rate mortgage. Often the initial rate on an adjustable rate loan will be lower than a similar fixed rate mortgage allowing you to save on your monthly payments in the short term.

With an adjustable rate loan the interest rate is fixed for an initial period of time, generally 3, 5, or 7 years. After that the rate adjusts according to the current market, meaning the interest rate, and with it the mortgage payment, could go up or down. There is a limit to how much the rate can increase in the first year and any year thereafter. Carefully review the terms of an adjustable rate mortgage you are considering to be sure you are comfortable with them.

Call American Bank today for more information - 877-215-2290.

House roof. ARM information from American Bank.

ADJUSTABLE RATE OPTIONS FROM AMERICAN BANK

American Bank offers a wide variety of adjustable rate loans to choose from. There are programs available for conventional and jumbo loan amounts, as well as for financing a primary residence, second home, or investment property. If you only plan on owning your home for a year or two, a 3 year adjustable rate mortgage (ARM) may be the best fit, and if you would like the security of a longer fixed rate period you might prefer a 5 year ARM or 7 year ARM.

GET STARTED ON AN ADJUSTABLE RATE MORTGAGE

American Bank keeps the mortgage process simple, and makes it easy to take the first step.

Call 877-215-2290 for a consultation.
Request current adjustable rate loan pricing with the Rate Quote form.
Begin online by filling out the American Bank Prequalification Form.

Please provide the following information to get started on your quote.

Loan Amount:

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Terms

10 Year Fixed
15 Year Fixed
20 Year Fixed
25 Year Fixed

30 Year Fixed
3 Year ARM
5 Year ARM
7 Year ARM

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