The monthly payments for an adjustable rate mortgage (ARM) move up and down as market interest rates fluctuate. ARMs typically have a lower initial fixed rate, followed by adjustment intervals. If you want a lower mortgage payment now and expect your income to rise in the future, or if you will only be in your home for a short time, an adjustable rate mortgage may work best for you.
Get Pre-Approved First!
Before you even start looking for the perfect house, it’s best to get pre-approved for a mortgage. Dean Bank makes it easy! You can apply online 24 hours a day, 7 days a week, and you’ll receive a response in a matter of minutes. Once you’re pre-approved, you’ll know exactly how much house you can buy, and sellers will know that you’re a qualified buyer.