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ARM Adjustable Rate Mortgage
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ARM Adjustable Rate Mortgage - Adjustable Rate Mortgage; a mortgage loan subject to changes in interest rates; when rates change, ARM monthly payments increase or decrease at intervals determined by the lender; the Change in monthly -payment amount, however, is usually subject to a Cap.Whether you are purchasing or refinancing, and want to know more about what type of loan may be best for your situation, please do not hesitate to contact me.
Over time the adjustable has outperformed the fixed rates. I would like the opportunity to show you which will be best for your goals.
If you are thinking about refinancing your ARM into a fixed-rate mortgage, be sure to contact your mortgage professional at least two months before the ARM is set to adjust.
An ARM (Adjustable Rate mortgage) is a nice option for people who have a second home and want to have the lowest payment possible on that property for a certain period of time. ARM's also work well with investment properties to help keep the payments down so that the investor can maximize overall cash flow. There are many different types of ARM's available. There are 1,2,3,5,7, and 10 year ARM's. There are interest only ARM's also. These ARM's are fixed for a set period of time and work the same exact way as a regular ARM, however you are only required to make the interest only portion of the payment. This is a great feature for investors and for anybody who really wants to maximize their cash flow. There are ARM's that fluctuate monthly, semi-annually, and yearly. It is very important to ask questions about the type of ARM you are going to be placed into.
When financing with an Adjustable Rate Mortgage (ARM) make sure that you do not have a pre-payment penalty that is longer than the fixed period of your loan. You do not want to be in a two-year ARM and have a pre-payment penalty that lasts for three years.
If you do have a loan with a pre pay penalty ask if it is a hard or soft pre pay. A soft pre pay will allow you to sell the house with no penalty. A hard pre pay requires you to pay the penalty if you sell or refinance the mortgage before the pre pay expires. Pre pay penalties will vary in the amount required from 60 days interest to six months interest.
Whether to choose an ARM or a fixed program has less to do with which is better and a lot to do with what will fit your situation best. Make sure you talk to a mortgage professional you trust to get great advice on what is best for you.
ARMs are great loans if you plan on moving in the future. For example if you are going to move in five years a five year arm would offer a lower interest rate and save you money each month.
Because the market goes up and down over the years in cycles, and people end up refinancing their current mortgage for cash-out equity every 3 to 7 years, those who use an adjustable rate mortgage as a staple for their home financing generally pay less in the short run and the long run.
Sub prime borrowers who took out 2/28 ARMS with 100% financing may find themselves in trouble and unable to refinance their homes. Slowing property values and declining property values in some cities as well as increasingly tighter sub prime lender guidelines are all contributing to the rise in foreclosures and defaults of sub prime ARM mortgages.
The difference between rates for Adjustable Rate Mortgages (ARM) and Fixed Rate Mortgages is growing ever smaller during this economic cycle.
Most pay option arms use index's that are averaged over the past 12 months history to determin the rate (index + borrowers margin). That way, if a rate changes one month drastically, it is still averaged out over the 12 most recent months, so any changes to the borrowers indexed rate will be minimal, and even if the trends are showing that the index is doomed, it is still averaged so that gives the borrower enough time for a worst case scenario "out" to refinance in the case of a disaster.
ARMS have caps so the borrower is protected by a maximum adjustment the lender can make over the term of the loan. This information should be clearly identified in the Truth in Lending statement (TIL) which should be given with the Good Faith Estimate (GFE).
An adjustable-rate mortgage (ARM) with an initial fixed-rate period of pre-determined years, during which the borrower is may have an option to pay only the interest accrued on the loan. The interest rate then adjusts annually or bi-annually, based on the indexes such London Inter-Bank Offered Rate (LIBOR) index, and can move up or down as market conditions change.
ARM loans come with different initial fixed rate periods such as 1 2 3 or 5 year fixed. After the initial period they will start to adjust according to the index they are tied to. What's nice about ARM loans is it allows the borrower to have a lower payment initially. These type programs can be used for many reasons, one of them being for someone who won't be living in a property for an extended period of time.
When should you take an ARM mortgage vs. a traditional 30 year fixed?
Consider how long you plan on occupying the property. If it is for 10 years or more then a 30 year fixed may be the best bet when interest rates are low. However, if you plan on moving sooner then consider the extra savings you will achieve by choosing an ARM.
For example, you plan moving when your child is old enough to go to school in three years. The best financial choice would to get a 3 year or possibly a 5 year ARM. When a 30 year fixed mortgage is around 5.875% a 5 year ARM is around 5.25% and a 3 year ARM would be about 5.00%. On a $200,000 loan the monthly payments would be $1183 for a 30 year, $1104 for a 5 year ARM, and $1073 for a 3 year ARM. Times that by 3 years, 36 months, and your savings for an ARM vs. a 30 year fixed would be between $2800 - $3900. Money better spent elsewhere.
It has been shown, that home owners would have saved thousands of dollars if they had a ARM of a conventional 30 year fixed.
If you only plan on living in your home for a few more years, it might not be worth it to move from a program like a low rate ARM or an Interest Only Program to a traditional Fixed Rate loan. There may be better things to put your money towards each month that putting a few extra dollars towards the principal of your home.
Most lenders tie ARM interest rate changes to changes in an "index rate." These indexes usually go up and down with the general movement of interest rates. If the index rate moves up, so does your mortgage rate in most circumstances, and you will probably have to make higher monthly payments. On the other hand, if the index rate goes down your monthly payment may go down.
Lenders base ARM rates on a variety of indexes. Among the most common are the rates on one-, three-, or five-year Treasury securities. Another common index is the national or regional average cost of funds to savings and loan associations. A few lenders use their own cost of funds, over which--unlike other indexes--they have some control. You should ask what index will be used and how often it changes. Also ask how it has behaved in the past and where it is published.
"American consumers might benefit if lenders provided greater mortgage-product alternatives to the traditional fixed-rate mortgage,...To the degree that households are driven by fears of payment shocks, but are willing to manage their own interest-rate risks, the traditional fixed-rate mortgage may be an expensive method of financing a home."
- Alan Greenspan, the Chairman of the Federal Reserve Board at the Credit Union National Association 2004 Governmental Affairs Conference
ADJUSTABLE-RATE MORTGAGE (ARM)
A mortgage loan where the interest rate is not fixed for the entire term of the loan, and can change during the life of the loan in line with movements of an index rate.
If one or more of these situations describes you, an ARM might be a good fit:
-You plan to stay in your home for a relatively short period of time
-You want lower initial monthly payments and can handle potential payment increases in the future
-You want to qualify for a larger mortgage amount, and you expect your income to go up over time
There are many Adjustable Rate Mortgage products available today. Some ARM products have rates that adjust immediately the following month after settlement, others have an initial fixed rate period of 1, 3, 5, 7, or 10 year. ARMs that have an initial fixed interest rate period are also known as Hybrid Loans.
ARM products almost always have an initial interest rate that is lower than that of fixed rate products of the same loan term. These lower starting rates, also referred to as Teaser Rates, are meant to induce/reward borrowers who are willing to bear some of the risks of future interest rate movements.
When choosing an ARM product, it is as important to consider the underlying indices and margins as picking the lowest teaser rates. Different indices have different sensitivity to the interest market. In other words, some indices such as Treasury bills and LIBOR are highly sensitive to market conditions and adjust rapidly. The 11th District Cost of Funds Index, also known as COFI, tends to move slower in comparison and therefore less volatile.
Other ARM product features that need to be considered include the Period Adjustment Caps which limits the maximum rate change allowed at an given adjustment, the Floor, which is the lowest possible rate of the loan, regardless of the value of the underlying index, and the Life Time Cap, which sets a ceiling for the maximum rate of interest throughout the life of the loan.
An ARM, short for "adjustable rate mortgage", is a mortgage on which the interest rate is not fixed for the entire life of the loan. The rate is fixed for a period at the beginning, called the "initial rate period", but after that it may change based on movements in an interest rate index.
The ARM rate quoted by a lender or broker is the initial rate. It holds until the end of the fixed-rate period, which can last from a month to 10 years. This rate is critically important if the initial rate period lasts for 10 years, but it is very unimportant if the period is only one month.
On the most popular ARM program, the initial rate period is 12 months, and on more than half the period is 36 months or less. While you can always opt for an ARM with a longer initial rate period, the rate goes up as the period lengthens. If you need the rate on a one-year ARM to qualify, you must consider very carefully what happens after the fixed-rate period ends.
ARM's are great for keeping your payment down for a fixed period of time while you work on your FICO score and aim for a better fixed rate down the road.
Some ARM loans have an interest only option. These loans are very popular with people who do not plan on staying in the home for a long period, want to qualify for a larger home and investment properties to increase cash flow due to the lower payments.
If your ARM has started to adjust, it might be a good idea to refinance into a fixed rate loan.
An Adjustable Rate Mortgage (ARM), will carry a lower initial interest rate than a typical 30 year fixed rate mortgage. The lender is hoping that you will forget about the adjustment, and just continue to hold on to the loan. Be aware of when your loan is due to adjust, as well as by how much it will adjust.
An adjustable rate mortgage, called an ARM for short, is a mortgage with an interest rate that is linked to an economic index. The interest rate, and your payments, are periodically adjusted up or down as the index changes.
2/28 ARM is a great product. Especially for 1st time home buyer or sub prime borrower. It allows one to strengthen credit over the two year period.
Adjustable rate mortgages or ARMs have Interest Rate Caps.
Rate caps limit how much interest you can be charged over a period or over the life of a loan.
A Periodic rate cap limits the amount by which your interest rate may increase at the adjustment period(s). Only some ARMs have these period caps.
Overall or lifetime rate caps limit how much rate can change over the life of the loan. Lifetime or overall caps are required by law and have been required by law since 1987 on all Adjustable rate mortgages.
If you are considering an adjustable rate mortgage, make sure you do the research. Find out how often the rates can increase and by how much. Try to determine whether you can afford payments if the rates go up significantly over the next few years.
The initial interest rate for an ARM is lower than that of a fixed rate mortgage, where the interest rate remains the same during the life of the loan. A lower rate means lower payments, which might help you qualify for a larger loan.
There's couple of questions that is very important when considering the ARM:
How long do you plan to own the house? The possibility of rate increases isn't as much of a factor if you plan to sell the home within a few years.
Do you expect your income to increase? If so, the extra funds might cover the higher payments that result from rate increases.
Some ARMs can be converted to a fixed-rate mortgage. However, conversion fees could be high enough to take away all of the savings you saw with the initial lower rate.
If you are currently in the tail end of the fixed period in your Adjustable rate loan, often 2 years, 3 years or 5 years after you took it out, this may be the best time to get a fixed rate mortgage refinance and lock in your rate while it is low. While mortgage rates rise and fall, the current market outlook is that they will continue to increase over the next couple of years, and you don't want to be stuck paying a lot more money for a couple of years when you have the opportunity to refinance ARM into fixed rate mortgage today.
For most folks a 30 year mortgage is overkill. They will refinance again inside of the next 5 years. Why take such a higher rate for a 30 year mortgage if you're going to refinance? Adjustable Rate Mortgages allow you the flexibility you deserve when taking a loan.
In addition to caps, which limit how high the interest or payment can adjust, most ARM mortgage loans have floors, which limit how low the interest rate can go.
Umbrella Insurance Policy - As a home owner if you are ever sued your homeowners policy will provide you liability coverage up to a pre determined amount. This will help pay for any legal judgements against you and your attorneys fees. However you may want to have an extra layer of liability protection. Thats what a personal umbrella liability policy provides.
An umbrella policy is considered supplemental insurance, meaning that the umbrella coverage only kicks in after your basic homeowner's policy has paid up to its limit on your claim. If you have a mortgage, your homeowner's insurance policy likely provides for coverage up to the replacement value of your home. What it does not cover is potential liability above and beyond the limits of your homeowner's insurance. So if your $500,000 property burns down, your homeowner's policy should cover the cost of relacing your home, however any additional liability, for example groundwater contaimination or accidental death or injury or collateral damage to public or private property would not be covered by a basic homeowner's insurance policy. To protect against these unforeseen events, umbrella policies are an excellent, and generally very inexpensive choice to preserve your assets and wealth from costly lawsuits. The Insurance Information Institute estimates that the first $1 million of excess liability coverage costs between $150 to $350 on average, with each additional million costing as little as $100 per year.
In a situation where you are being sued a personal umbrella insurance policy acts as another liability protection layer once your standard insurance ha been exhausted.
How much can I afford - How much house can I afford is a very popular question among homebuyers. The main factor to determine this is your debt to income ratio, or DTI. Different lenders have different requirements and guidelines for what the maximum debt ratio they will allow. Most non-conforming, or subprime, lenders have maximum debt to income ratio limits around 50-55%. Some lenders have lower limits and some lenders have higher limits and through the use of some automated underwriting engines you may even be able to get approved with a DTI of 65%. How high your LTV is, the amount of money your borrowing compared to the purchase price or value of the home, can also affect DTI guidelines. The less money you put down usually the lower DTI that is allowed.
A debt to income ratio of 41% is considered by many mortgage professionals and lenders as a comfortable and safe level. Although this number is not the standard by which all borrowers are gauged it is a great benchmark number to strive for when you purchase a home. Nothing can be more of a let down then to be cash strapped due to a house payment that is to high.
Getting approved beforehand is of the utmost importance so that you can find out how much home you can afford. There are many different variables that will affect how much home you can afford such as how much the property taxes are of the property that you find, whether the house you purchase has an association with and association fee, and how much you end up needing to pay for homeowners insurance. All of these charges will affect your debt to income ratios.
There are other loan programs that do not calculate ratios, called "no ratio" loans. These are very popular for those that may not be able to document all their income. Stated and no ratio loans are very popular programs. Some people although on paper can't afford x amount, in reality they can truly afford it.
Depending on which loan program you choose will change the amount you will be approved for. Loans that have interest only periods will reduce your monthly payment, therefore allowing you the option of purchasing a more expensive home.
Remember that when deciding how much you can afford, you are the only one who truly knows that. The mortgage professional can help you out, and even place a number on it, but you must be comfortable with the payments. Also, keep in mind that there are several other monthly payments that you will be making that are not included in your debt ratio (in most instances), such as your cell phone bill, cable, and groceries to name a few.
Remember only you know what you are comfortable spending. Do not allow yourself to be talked into spending more then that limit by family members, friends or a real estate agent.
Borrowers with substantial incomes and multiple properties are often amazed to find out that they may not qualify for a mortgage even though they feel they can easily afford the potential mortgage payment, inclusive of taxes and insurance. This is because Debt to Income ratios utilized by most lenders assume a conventional, wage earning applicant and a loan amount of less than $650,000. For borrowers with a high debt to income ratio, but substantial disposable income, the question of how much they can afford may be answered by substantiating that disposable income, however this type of underwriting is not available from most banks or mortgage companies. For more information, please contact us at (800)515-8443 or email us at PrivateClient@RefinanceOne.net
Why are some interest rates higher - An interest rate depends upon several factors. For instance, your rate will be higher if you have poor credit
Your interest rate can be higher if your debt-to-income level is high. Some lenders allow debt-to-income ratios of 50% or even 55%. However, the interest rates on these loans are higher.
Some people have purchased homes using "no-documentation" loans in order to qualify when carrying mortgages on 2 properties. Lower doumentation loans carry higher interest rates. Check with your mortgage professional to see if you qualify for a lower rate.
One of the most importants factor when evaluating a mortgage application is the prior rental or mortgage history. Although a less than perfect history can initially result in a relatively higher rate on your mortgage, after establishing a pattern of on time payment, you will not only improve your overall credit profile and score, but may be eligible to streamline refinance to a lower rate mortgage, even if interest rates have not improved in the open market.
If you purchased a new home with a higher interest rate in the last 2-3 years now is a great time to talk with your mortgage broker to examine your situation to see if you may now qualify for lower interest rates rates. This is often the case with sub prime borrowers who have made payments on time and worked at improving their credit scores.
If your credit score is under 500, you are more than 90 days behind on your mortgage payment, or you have a received a notice of default or foreclosure, you can expect that your interest rate will increase dramatically from what you are paying currently, often into the 11% to 12% range.
Sometimes you can choose to add a pre-payment penalty to your mortgage which can decrease your interest rate.
Interest rates on properties that are not occupied by the owner are generally higher than those on a primary residence.
Your interest rate can be adjust upward, if the Loan to Value (LTV) or combined Loan to Value(CLTV) exceeds 80%.
If you are taking out a second mortgage or a home equity line of credit, you should expect to have a higher interest rate. These loans typically have smaller loan amounts, and are packaged together to be sold in the secondary market.
First mortgages with smaller loan amounts will generally have higher interest rates than larger loan amounts on 1st mortgages. Many lenders price these a little higher because there is not as much profit in smaller loan amounts yet there is an equal amount of risk to them.
Interest rates vary based off of risk, and therefore the riskier the loan being made the higher the interest rate will be. Some other reasons rates can vary is due to mortgage insurance, as a loan with lender paid mortgage insurance will carry with it a higher interest rate to compensate for not having mortgage insurance when the loan to value exceeds 80%.
One of the best ways to lower your interest rate is to raise your credit score. The difference in interest rate between a 620 FICO score and a 720 FICO score can often be 2% or more. Ask your preferred mortgage professional how easily your credit scores can be improved.
Interest rates will change due to ever changing market conditions. Some of the lower rates are tied to short term bonds, just as some of the higher rates are tied to longer term bonds.
Mortgage interest rates that are secured by cooperative apartments may be higher. Coop owners in metropolitans may have to get home loans with interest rates that are 1/8 higher than other property owners.
Adjustments to interest rates are lenders protection in determining risk or default. Because most loans are sold, adjustments to rates offer safety or protection for a bank/investors return of investment.
If you choose interest only, or to waive escrows you will have a higher rate typically.
If the risk to the lender is higher then the risk gets passed on to the borrower in the form of a higher rate or fees.
If you have a loan that uses lender paid mortgage insurance, your interest rate may be higher.
Bad Credit Home Loans - A bad credit home loan, is a loan for someone who has had some problems with their credit in the recent history.
If your credit falls below a FICO score of 500, you may have gone from bad credit to worse. However, there are alternatives outside of the traditional lending industry to refinance even if your credit score is below 500. No matter how bad your credit, if you have 30% or more equity in your property you may qualify to refinance even if the credit score is below 500.
Buyers with lower credit scores may still qualify for low loan rates and the ability to purchase a home with only 3% down payment. This type of financing is availible through FHA mortgage financing. Backed by the government FHA loans offer more flexibility then traditional conforming mortgages and have low rates as well. Ask your mortgage broker about FHA programs if you have recently been turned down for conventional financing.
If you are a veteran with some credit blemishes, you may also qualify for VA financing. The Veterans Administration offers purchase money loans for up to 100% financing and has refinance options as well. Check with your mortgage professional to review your options.
There are many different programs for credit troubled buyers. You may still be able to get 100% financing but be prepared for higher interest rates.
Its important to learn to avoid the habits that caused poor credit to begin with. Ask your preferred Mortgage Professional which items on your credit history are most damaging to your FICO. It takes time to turn bad credit around, but the results will save you thousands on your next home loan.
Generally speaking the lower your credit scores, the higher your interest rate will be. In addition having a lower credit score may also affect how much of a loan, or how high of an LTV (Loan to Value) your mortgage lender will let you qualify for.
Example: A person with a 600 credit score may be able to qualify for 100% financing at a 7% rate while a 510 credit score may only be able to qualify for 85% financing at a 8.5% rate.
Therefore, you can see the importance of trying to keep your credit score high and the potential savings you can obtain by working hard to raise your credit scores.
It is a good idea to try to improve your credit score before applying for a mortgage. The difference in interest rate will literally save you thousands. If you have known credit issues, I may be able to help you resolve them, or refer you to a reliable credit repair company that can. Call me at (800)515-8443 for more information.
If you have bad credit in addition to a higher interest rate, you may also get a loan with a pre-payment penalty and/or more points on your loan.
A common strategy for borrowers with poor credit is to get a 2 year ARM. The rate is fixed for the first two years which gives you time to imporve your credit, and show a history of timely payments. After the two years if your credit has improved you can refinance into a more traditional fixed rate loan at a lower rate.
Home buyers with bad credit background should expect to pay higher interest rates than those with good credit. Lenders charge higher rates because the default risks with poor credit home loans are higher.
Higher interest rate loans for those with bad credit are a good short term fix. They can allow you to stay in your home while doing the things needed to repair your credit. Then in 2 or 3 years you can refinance to a much lower rate.
How can I get a lower mortgage rate - There are many ways to receive a lower mortgager interest rate. You can buy the rate down by paying points, you can refinance after your house has earned equity or by increasing your credit score.
Often, you can get a lower rate by choosing an Adjustable Rate Mortgage. The average homeowner lives in one house for less than 5 years. Adjustable Rate Mortgages that are fixed for 5 years before adjusting have a slightly better rate than 30 year fixed mortgages.
One way to get a lower rate on your mortgage is to obtain a mortgage on a buy-down program. A 2/1 buydown is a common type of buydown program. What this means is that you will have pay a fee to be able to get an initial interest rate that is 2% lower than the final interest rate for the first year of the loan, the next year the rate will go up 1% and then the 3rd year the interest rate will be fixed for the life of the loan. This type of loan helps out people who are very close to their maximum debt ratio that is permitted by the bank, and also people who may want to qualify for a little more expensive of a home.
The general rule to refinancing is that when you are able to lower your interest rate by more than a percentage point, you will exceed the cost to savings ratio.
If you bought your home with 100% financing and have a PMI payment you may now have enough equity to refinance to a lower rate and eliminate the PMI payment. If you bought a new home in the last 3 years and your rate is over 7% you should call your mortgage broker and talk to them about refinancing to a lower rate and what your options at this point are.
Getting a lower rate often comes with a substantial cost, and may not result in getting a lower payment. If your real goal is to minimize your monthly payment, talk to your mortgage professional about options which may allow you to minimize your monthly payments.
If for some reason you can not get a lower rate, because you do not qualify for one, then you may be able to get a lower mortgage payment. You can lower your payment by taking an interest only loan, increasng the amortization schedule (15 year fixed to a 30 year fixed), or in some cases a pay option ARM.
If you are purchasing a home one way to get a better rate is to put more money down. If you put more money down, the bank is taking less risk so the rate is lower.
If you opt to escrow your taxes and insurance your rate may be lower. Having the bank collect for taxes and insurance on a monthly basis and pay them when their due elevates one more concern and possibility for additional liens or foreclosure, so again there is less risk so a lower rate.
You may be able to seek out credit repair, prioe to obtaining a new mortgae loan. This could drastically and quickly (Depending who you use) change your credit score, and put you in a position to achieve a lower mortgage rate than you were previously quoted.
Protecting my family financially if I die - There are many things you can do to help protect your family in the event you should die when not expected. There are numerous life insurance and mortgage protection plans on the market today that you and your family can benefit from.
Credit life is a type of insurance that will pay off the remainder of your mortgage if the insured should pass away. This is a costly insurance and only covers the balance of the mortgage that is left. Therefore, if something happened 13 years into a 15 year mortgage and the outstanding balance remaining was only $7,500, this is the amount the insurance would pay for after paying for the insurance for 13 years. Explore all of your options before obtaining this type of insurance. Many times a term life insurance policy will be cheaper and it will pay the full insured amount for the entire term of the policy.
Once you acquire a home and begin to acquire some personal assets drawing up a living will is a great idea. Without a living will the state government can decide how your assets will be distributed. If you are recently married make sure that your spouse and or children are added as the beneficiary's to your life insurance and any financial and investment accounts you may have.
If you were to die, be hospitalized or become disabled, your family may be unable to qualify for a mortgage to take equity out of your home to cover any expenses.
To protect your family, you should not only have life insurance, you should have an emergency fund of 6 months income in a liquid investment, such as a money market fund or a mutual fund, to get them through until insurance payments arrive.
Everyone has a different idea of how much money is enough to support their family if they die, and there is no "right" formula. Some experts suggest having a policy that is at least five times your annual salary, other recommend having coverage sufficient to payoff all outstanding debt plus enough to cover X years of living expenses. There is no answer that is right for everyone, so be sure to talk to your financial planner, accountant and most importantly your spouse to determine the amount of life insurance that is right for you.
In order to keep your home out of your state's probate courts and in the control of your family, consider forming a revocable living trust or inter vivo trust. It is normally a good idea to refinance prior to placing the property in trust, as even though the trust is revocable, the process of refinancing is significantly more complicated while the property is inside a trust. While there are a variety of loan programs that will allow you to close even in trust, the majority require that you take the property out of the living trust and then put it back into the living trust after closing. We specialize in handling living trust and revocable inter vivos trust refinancing, and have successfully arranged financing for trustees and families across the nation. For more information please contact us at (800)515-8443 or PrivateClient@RefinanceOne.net
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