An Adjustable Rate Mortgage may be a good choice if you:
- Want to maximize your buying power
- Want to keep your payments lower during the first few years of your loan
- Plan to move into a different home within the next ten years
- Plan to pay-off your mortgage within the next 10 years
- If, in the coming years, you expect your income to increase significantly
Use the Loan Consultant to find the ARM loan right for you, and at the same time get quotes on current interest rates and closing costs.
5/5 ARM No Closing Cost *San Diego County Only
| Best Choice If:Very low initial payments.
The benefits of both a Fixed and ARM product.
Most non-recurring closing costs paid by lender. | Advantages:Low initial rate and payment.
Allows for higher loan amount, qualification and enhanced buying power.
Interest rate stays fixed for first 5 years. Adjusts every 5 Years thereafter.
| Disadvantages:Interest rate and monthly payments adjusts more often than fixed products.
Interest rate can rise above the current fixed rates over time.
A recoupment fee will be assessed if the loan is paid off in less than 3 years. This fee is a prorated amount of the third-party charges paid by Mission Fed on your behalf. |
5/5 ARM 30 Year Amortized *San Diego County Only
| Best Choice If:Very low initial payments.
The benefits of both a Fixed and ARM product. | Advantages:Low initial rate and payment.
Allows for higher loan amount, qualification and enhanced buying power.
Interest rate stays fixed for first 5 years. Adjusts every 5 Years thereafter.
| Disadvantages:Interest rate and monthly payments adjusts more often than fixed products.
Interest rate can rise above the current fixed rates over time.
|
5/1 ARM 30 Year Amortized *San Diego County Only
| Best Choice If:You want a loan with:
Very low initial payments
The benefits of both a Fixed and ARM product
| Advantages:Low initial rate and payment
Allows for higher loan amount qualification and enhanced buying power
Interest rate stays fixed for first 5 years. Adjusts every Year thereafter.
| Disadvantages:Interest rate and monthly payments adjust frequently
Interest rate can rise above the current fixed rates over time
|
5/1 ARM Homebuyer *San Diego County Only
| Best Choice If:You want a loan with:
Very low initial payments
The benefits of both a Fixed and ARM product
| Advantages:Low initial rate and payment
Allows for higher loan amount qualification and enhanced buying power
Interest rate stays fixed for first 5 years. Adjusts every Year thereafter.
| Disadvantages:Interest rate and monthly payments adjust frequently
Interest rate can rise above the current fixed rates over time
|
Fannie Mae 5/6 ARM 30 Year Amortized
| Best Choice If:You want a loan with:
Very low initial payments
The benefits of both a Fixed and ARM product
| Advantages:Low initial rate and payment
Allows for higher loan amount qualification and enhanced buying power
Interest rate stays fixed for first 5 years. Adjusts every 6 months thereafter.
| Disadvantages:Interest rate and monthly payments adjust frequently
Interest rate can rise above the current fixed rates over time
|
3/1 ARM 30 Year Amortized *San Diego County Only
| Best Choice If:You want a loan with:
Very low initial payments
The benefits of both a Fixed and ARM product
Payments that adjust up and down with market movements
| Advantages:Low initial rate and payment
Allows for higher loan amount qualification and enhanced buying power
Interest rate stays fixed for first 3 years. Adjusts every year thereafter.
| Disadvantages:Interest rate and monthly payments adjust frequently
Interest rate can rise above the current fixed rates over time
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