A five year mortgage, sometimes called a 5/1 ARM, is. 5/1 ARM programs are probably the most popular of all adjustable rate mortgage products. 5/1 arm rates tend to be consistently lower than seven and ten year ARMs and have a larger gap between the rates offered when compared against 30 year fixed rate mortgages.
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The other option is to refinance into a new adjustable-rate mortgage. The main benefit of this approach is that interest rates for ARMs are typically lower than rates for fixed-rate mortgages. While the average interest rate for a 30-year fixed rate mortgage currently sits at 4.58%, the average rate for a 5/1 ARM is only 3.74%.
Why Choose a No-Closing Cost Refinance? The lure of refinancing right now is powerful with interest rates hovering near historic lows. But there is a potential downside to refinancing: The cost, as closing costs on a refinance typically run about $4,000.
What Is 5 1 Arm – If you are looking for a lower mortgage refinance, then check out our online service. find out how to get the lowest rate.
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For either a new home purchase or refinance, a 5/1 ARM makes sense if you plan to refinance your mortgage again or sell your house before the introductory rate expires or if you expect the value.
DCU Members rated Adjustable Rate Mortgages 3.7 out of 5 stars. Here’s what they’re saying: Quick and Easy. I financed my home with a 5/1 ARM. It took just 44 days from my initial online application to closing the loan. The process was easy, and we got a great rate. ~ Lilly1
Adjustable-rate mortgages. look like these: A 4.5% fixed-rate mortgage. Your interest rate will stay at 4.5% (a $1,013.37 monthly payment on the $200,000 borrowed) for however long you decide to.
How a 5/1 ARM Mortgage Works The term 5/1 ARM means that you will get five years of a fixed interest rate, followed by one-year increments of adjustable rates. This means that for the first five years of the mortgage, you are going to have the same interest rate and the same monthly mortgage payment.
Adjustable-rate mortgages, or ARMS, are a trade-off. You sacrifice the stability of fixed monthly payments for the life of the loan in exchange for low introductory payments for a limited time. Known as a "hybrid" loan, a 5/1 ARM involves a fixed interest rate for the first five years and a variable rate that changes every year thereafter.