Florida 5/1 Adjustable Rate Mortgage Loan
Statistics reveal that most Florida
mortgage customers will hold a house for about 5 to 7
years and then invariably move on. The 5/1 adjustable rate
mortgage loan can help both home
buyers and Florida real
estate investors to utilize the interest
only mortgage payment option for 5 years, dramatically
reducing their monthly payment and increasing the amount of
home they can purchase. For investors, the cash flow savings
an interest only benefits of the 5/1 adjustable
rate mortgage could be accumulated and used for further
property purchases. For everyone, the added income can be
used for better cash flow management, savings buildup or alternative
investing.
For those Florida homeowners
and home buyers who prefer the security of a amortized payment,
the 5/1 ARM is a perfect combination of reduced start rates
and amortized payments. After the 5 year fixed rate
loan period, if you're like most Florida homeowners, you'll
be selling the home and preparing for a new home purchase.
On the other hand, if you elect to remain in your home, you
could elect to do a Refinance
of your home; do a cash
out refinance loan and pull some equity out of your home;
maybe you will decide you need to do a debt
consolidation loan; or you could elect to simply payoff
your mortgage via the existing adjustable
rate mortgage loan terms which will have a remaining 25-year
period with the balance of the loan being fully amortized.
The Florida 5/1 adjustable rate mortgage loan features:
- Fixed interest rate for a period of 5 years
- Interest only payment option
- Rate indexed on the CMT or LIBOR
- Rates could be adjusted after 5 years annually or biannually
- Loan becomes fully amortized for 25 years after the first
5 years of fixed rate period
The 5/1 ARM is typically available with the following Florida
loan programs:
Hallmark Mortgage Services looks forward to being the Florida
mortgage company of choice for your next 5/1 adjustable
rate mortgage! If you're interested in the 5/1 ARM, you
might well be interested in the 7/1
adjustable rate mortgage loan program as well.
Why not give us a call today at 1-866-358-2898 and speak
with one of our professional Florida loan specialist. They're
standing by and can't wait to review your situation to assist
you with selecting the right loan for you. Don't have time
to call right now? Just use our fast and easy quick
mortgage application and we'll call you back on your time
schedule!
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