Adjustable Rate Mortgage
Most adjustable rate mortgages (ARMs) offer low introductory interest rates during the fixed-rate phase.
If you plan to own your new home for just a few years and want to pay down your principal faster, an ARM could be right for you.
1.
Minimum 620 Credit ScoreFirst Alliance Home Mortgage requires a credit score of 620 or higher for ARM loans.2.
Debt-To-Income Ratio ≤ 50%You’ll need a debt-to-income ratio of 50% or lower.ARM Loan Benefits
Low Introductory Interest RatesMost ARMs start with a lower introductory interest rate that stays the same during a fixed-rate period.
Lower Monthly PaymentsLower introductory rates typically mean lower monthly payments during the fixed-rate period.
More Payment Against PrincipalYou can pay extra toward your mortgage’s principal balance to build equity faster – and reduce the amount of interest you’ll owe later.
Refinance OptionsWith an ARM, you have the option to refinance to a fixed-rate mortgage.
Get Approved Now!
Start My Approval!ARM Loan Options
7/6 Adjustable Rate Mortgage (ARM)A 7/6 ARM comes with a fixed-rate period of 7 years. After that, your rate may change every 6 months.Apply Now
10/6 Adjustable Rate Mortgage (ARM)A 10/6 ARM offers a fixed-rate period of 10 years. Afterward, your rate may change at 6-month intervals.Apply Now
FHA Adjustable Rate Mortgage (ARM)The FHA ARM comes with a variable interest rate that may cause your monthly payments to change over time.Apply Now
VA Adjustable Rate Mortgage (ARM)The VA ARM comes with all the benefits of an VA loan and starts with a fixed-rate period of 5 years.Apply Now