Alaska
Adjustable Rate Mortgage Home Loans and Refinancing
If
you need an Adjustable Rate Mortgage, or need to Refinance
your Adjustable Rate Mortgage we will help you match the mortgage
product that best fits your lifestyle. With us in your corner,
you will find the loan process quick and painless. You certainly
have many choices when choosing a lender for your mortgage loan.
We will assist you in simplifying the process.
Residents
from Anchorage to Barrow, Alaska are
buying beautiful homes by taking advantage of Adjustable rate
mortgages.
Apply
online or call one of our friendly brokers at 888-694-0455
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An
adjustable rate mortgage is often less expensive than a fixed-rate
mortgage.
-
You
can have the option to make additional payments to shorten the
loan time.
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A
great mortgage loan for short term ownership (three to seven
years)
- Interest
rate is linked to an economic index and can go up and down
You
can call apply online to find out if an adjustable rate mortgage
is right for you. There is no obligation. Ask our licensed mortgage
professionals about these and other special kinds of mortgages that
fit your specific financial situation.
An
adjustable rate mortgage (ARM) can be an excellent choice of financing
under certain conditions, such as rising income expectations, high
interest rates, and short-term homeownership. But because payments
and interest rates can increase, either steadily or irregularly,
homebuyers considering this kind of mortgage need to have the income
to keep up with all possible rate and/or payment changes. In many
other countries, the ARM is by far the most common financing program.
An
adjustable rate mortgage, variable rate mortgage or floating rate
mortgage is a loan where the interest on mortgage is periodically
adjusted based on an mortgage index and this is done to ensure a
steady margin for the lender, whose own cost of funding will usually
be related to the index. Payments made by the borrower may change
over time with the changing interest They can be used where unpredictable
interest rates make fixed rate loans difficult to obtain.
Adjustable
rate mortgages are characterized by their index and limitations
on charges (caps on loans). In many countries, adjustable rate mortgages
are the norm, and in such places, may simply be referred to as mortgages.
An
added benefit of an adustable rate mortgage is that every month
when your loan re-amotizes, the payment is calucated only on the
the prenciap that is left on the loan, thus paying your mortgage
off faster is easier to do if you make extra payments. Many investors
or person in high commisioned jobs usually preffer the ARM loans
as they can make extra payments into the loan and aquiring equity
faster since the pricipal payments are more easily payed down.
These
loans generally begin with an interest rate that is 2-3 percent
below a comparable fixed rate mortgage and could allow you to buy
a more expensive home. ARMs
have become one of the most popular and effective tools for helping
some prospective homebuyers achieve their dream of homeownership.
Developed during a time of high interest rates that kept many people
out of the housing market, the ARM offers lower initial rates by
sharing the future risk of higher rates between borrower and lender.
The
interest rate changes at specified intervals (for example, every
year) depending on changing market conditions; if interest rates
go up, your monthly mortgage payment will also go up. However, if
rates go down, your mortgage payment will drop go down.
There
are also programs that combine aspects of fixed and ARMs - starting
at a low fixed-rate for seven to ten years, for example, then adjusting
to market conditions.
Alaska
Home Loans
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