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.
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ARM Loan Requirements
1.
Minimum 620 Credit Score
First 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 Rates
Most ARMs start with a lower introductory interest rate that stays the same during a fixed-rate period.
Lower Monthly Payments
Lower introductory rates typically mean lower monthly payments during the fixed-rate period.
More Payment Against Principal
You can pay extra toward your mortgage’s principal balance to build equity faster – and reduce the amount of interest you’ll owe later.
Refinance Options
With an ARM, you have the option to refinance to a fixed-rate mortgage.
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Start My ApprovalARM 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.
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.
FHA Adjustable Rate Mortgage (ARM)
The FHA ARM comes with a variable interest rate that may cause your monthly payments to change over time.
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.