A popular alternative to the typical 30 year fixed rate mortgage is the adjustable rate mortgage.
Adjustable rate mortgages usually offer an introductory period where your mortgage rate (which is usually lower than those associated with fixed rate loans) remains fixed, but after that period is up, the rate can adjust either up or down.
If you think you may relocate, sell, or refinance within the number of years your introductory fixed rate period lasts, then an adjustable rate mortgage could be for you.
Because the introductory rate is often more affordable than those typically carried by traditional fixed rate loans, adjustable rate mortgages can help borrowers in New York and Pennsylvania save money in the short term.
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Available on residential and commercial properties, this may be the best choice if you want the lowest starting monthly payment. A low starting rate keeps payments low and helps you ease into your new home loan. Low starting payments may mean extra spending money for settling in costs and home improvements, too. Get greater interest stability with the historically less volatile and slower-moving index.
Artisan Mortgage Company keeps the mortgage process simple, and makes it easy to take the first step. If you only plan on owning your home for a year or two, a 3 year adjustable rate mortgage (ARM) may be the best fit, and if you would like the security of a longer fixed rate period, you might prefer a 5 or 7 year ARM.