Adjustable-Rate Mortgage Loan Programs
Adjustable-Rate Mortgage (ARM) loan products offer a cost-effective solution for prospective homebuyers with short-term mortgage goals. The first number in your ARM program refers to the fixed rate period at the start of the mortgage. The second number in the ARM program references the intervals your rate will be reset following the introductory fixed rate period.
An adjustable-rate mortgage, or ARM, is a type of home loan where the interest rate starts out fixed for a set period of time and then changes periodically based on the market. This means your monthly payments may go up or down over time.
Enjoy a lower interest rate at the beginning of your loan term, which can mean lower monthly payments for the first few years.
If you plan to move or refinance in a few years, an ARM may save you money while you're in your home.
The initial lower interest rate may allow you to afford a larger home or free up cash for other needs.
Stay informed on the moving market and get alerted when rates drop.
An adjustable-rate mortgage, or ARM, is a type of home loan where the interest rate starts out fixed for a set period of time and then changes periodically based on the market. This means your monthly payments may go up or down over time.
This is the process of determining whether a borrower has enough cash and sufficient income to meet the qualification requirements set by the lender on a requested loan. A pre-qualification is subject to verification of the information provided by the applicant. A pre-qualification is short of approval because it does not take account of the credit history of the borrower.
It is an upfront cash payment required by the lender as part of the charge for the loan, expressed as a percent of the loan amount; e.g., "2 points" means a charge equal to 2% of the loan balance.
A rate lock is a contractual agreement between the lender and buyer. There are four components to a rate lock: loan program, interest rate, points, and the length of the lock.
It is the list of settlement charges that the lender is obliged to provide the borrower within three business days of receiving the loan application.
What Our Customers Say About Us
In your journey towards buying a house or refinancing your mortgage, Tidewater Home Funding emerges as your trusted partner. Experience personalized assistance shared around your mortgage needs and support at each phase of the loan process. Being a locally owned mortgage company, we have an understanding of the Hampton Roads, Richmond, and Outer Banks homebuying markets empowering you through the homebuying process. Contact our team today and explore our variety of loan programs.
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Posted on GoogleReach out to our team of local mortgage loan officers and take the initial step towards homeownership. Our team is ready to assist you throughout the process, offering you the necessary information and guidance to help you make informed decisions for your unique needs. Don't delay any longer - contact our team today.
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*Not a commitment to lend. Calculation estimates are hypothetical and intended for educational purposes only. Additional fees and costs, such as taxes and insurance, may not be included and may be different based on the loan program. Actual payment obligation may be higher. Loan programs, interest rates, loan terms and conditions are subject to change and may vary based on market conditions and individual circumstances. If refinancing an existing loan, the total finance charges may be higher over the life of the loan. For more information, please consult with one of our licensed loan officers.