Florida 7/1 Adjustable Rate Mortgage Loan
The Florida 7/1 adjustable rate mortgage loan is a unique
blend of a steady fixed rate and an adjustable
rate mortgage loan program. This program is best suited
for Florida
mortgage customers who are simply not sure as to whether
they will be staying in the same home after 7 years or whether
they will be moving on to a new home. As the 7/1 ARM program
has a lower start rate than a traditional fixed rate mortgage,
it can also allow a borderline borrower qualify for a Florida
home loan as a result of lower housing and debt ratios.
Whether you're a Florida home
buyer or a Florida homeowner,
the 7/1 adjustable rate mortgage loan program offers flexibility
as well as stability. For the first 7 years,
you would be making fully amortized payments just like a traditional
fixed
rate mortgage. The remaining 23 years is fully amortized
with the rate of interest paid being tied directly to a published
index rate plus the margin.
Just one more option to make this loan attractive, in many
instances you'll have the ability to choose the interest
only mortgage option. This option allows you to pay
interest only on your loan for the first ten years,
with the remaining balance being fully amortized over the
remaining 20 years. This option is ideal for those borrowers
who prefer putting equity payments into other investments,
improved cash flow or meeting more immediate expenses such
as an investment portfolio for buying other properties.
The 7/1 adjustable rate mortgage loan features:
- Fixed interest rate for a balanced period of 7 years
- Interest only payment option or full payment option
- Rate indexed on the CMT or LIBOR
- Rates could be adjusted after 7 years annually
- Loan becomes fully amortized for 23 years after the first
7 years of fixed rate period
- Real
estate investor loan options
Programs in which the 7/1 ARM loan may be available include:
As your Florida
mortgage company, Hallmark Mortgage Services wants to ensure you understand
all of the loan options available to you before you make a
decision about a mortgage program. Our objective
is to not only save you money during your original closing,
but to save you tens of thousands of dollars by helping you
select the right program the first time. If you're interested
in the Florida 7/1 adjustable rate mortgage, you
might also be interested in the longer fixed rate term 10/1
adjustable rate mortgage. Why not give us a call today
at 1-866-358-2898 or just complete our quick
mortgage application for more information on how we can
be of service to you!
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