Take 5 to Discover the Benefits of a 5/1 Mortgage
We’re offering great savings on 5/1 mortgages to make it easier for you get into the home you want. You’ll save on interest for the first 5 years and receive a 2% credit based on the loan amount—up to $2,000 to help with closing costs. Here are 5 good reasons why a 5/1 mortgage may be the right choice for you:
1 The rate is 1% below the 30 year fixed
2 You will receive a credit of 2% OF LOAN AMOUNT up to $2,000 toward closing costs. Closing costs typically range between $900 – $3,000.
3 The rate is fixed for the first five years. After that the rate may vary annually and the payment may increase or decrease.
4 The rate will adjust after 5 years depending on market conditions, but there are caps on the adjustments to keep it from rising too fast
5 After saving on interest and lower payments for 5 years, if rates are still low you can continue to benefit from the low rate on the 5/1 ARM. If rates look like they will increase above historic averages, you can refinance.
Find out more about how a 5/1 mortgage can work for you and call today.