You have another option to a traditional Fixed-Rate Mortgage when buying a home. Family Trust also offers an ARM—an Adjustable-Rate Mortgage.
An ARM can help with your monthly cash-flow by offering lower monthly rates and thus, lower monthly payments. Family Trust offers a 7/1, 5/1, and 3/1 ARM loans. Historically, ARMs could adjust drastically after their fixed-rate period. Today these mortgages have an interest rate that is fixed for a specified number of years, and then may go up or down each year afterwards depending on the current market. For example, with a 7/1 ARM, the rate is fixed for the first seven years and could adjust up to 2% every year after that. The total maximum rate adjustment over the loan’s lifetime is 5% over the initial start rate.
First time home buyers rarely stay in their first house their whole lives. So, an ARM can be a great choice! If you plan to stay in your home for under 5-7 years you could really benefit from an ARM. They typically offer lower rates that help members save money monthly and only require a down payment of 3%. This puts more money in your pocket every month. Another plus is that it stays local with Family Trust and isn’t sold to another financial institution. This way, you can easily manage your mortgage right from a branch.
The Tucker family recently purchased a home with Family Trust and decided that the ARM was the right fit for them. This type of mortgage helped them get the house they wanted, in the neighborhood they wanted, at the right price.
“We love the space and freedom to do whatever we want! Plus, this type of mortgage saves us money each month!” – Tucker family, members since 2014
Currently, we have a special offer on 7/1 Adjustable Rate Mortgages, with rates as low as 3.50% APR. Plus, you can also save $500 with no Credit Report or Appraisal Fees on new purchases, and save 1% on closing costs with no Origination Fees. Call our Mortgage Department at (803) 367-4100, ext. 3014 with any questions, and start your mortgage application now by clicking here.