Good News Lending – Expert Guidance in Adjustable Rate Mortgage Solutions.
Adapt your mortgage to your evolving financial needs with an Adjustable Rate Mortgage (ARM) from Good News Lending. Benefit from lower introductory rates and tailor your loan to fit your lifestyle.
Adjustable Rate Mortgages (ARMs) from Good News Lending offer dynamic and flexible financing solutions. Starting with lower introductory rates, our ARMs provide an affordable entry into homeownership, with the understanding that rates and payments may adjust over time. This option is particularly advantageous for those anticipating an increase in income and planning to move or refinance in the short term.
An ARM offers a dynamic approach to home financing. Initially, you benefit from lower interest rates compared to fixed-rate mortgages, which then adjust periodically in accordance with market trends. This makes ARMs suitable for homeowners who expect changes in their financial situation or those planning for a shorter stay in their home.
ARMs can be highly beneficial with their initial lower payment options, providing immediate financial flexibility. However, it's essential to understand that rates and payments could increase after the introductory period ends. We at Good News Lending ensure you clearly understand these terms, helping you make an informed decision that aligns with your long-term financial goals.
We offer a variety of ARM types to suit different financial needs and preferences. Options like 5/1, 7/1, and 10/1 ARMs have specific periods where the rate remains fixed, followed by regular adjustments. This variety ensures you find an ARM that aligns perfectly with your financial timeline and goals.
When considering an ARM, looking at the Annual Percentage Rate (APR) is crucial. The APR reflects the total cost of the loan, including the interest rate, fees, and other charges. This gives you a more comprehensive understanding of the loan's cost, allowing for a more informed comparison with other mortgage options.
Talia Fulton
VA Loan
Justine Farrow
VA Loan
Kevin Tharpe
Conventional
Our ARMs often come with teaser rates – attractive initial rates set lower to make the mortgage more appealing. These rates offer reduced payments at the start of your mortgage before transitioning to the standard adjustable rates. It's important to plan for this eventual rate adjustment.
To qualify for an ARM with Good News Lending, we consider factors such as your credit score, income stability, and debt-to-income ratio. Our team is here to guide you through the qualification process and ensure that an ARM is suitable for your financial situation.
ARMs typically require a minimum down payment of around 10% of the home's purchase price. Additionally, you should budget for closing costs, which generally range from 3% to 5% of the loan amount. We'll provide a detailed breakdown of these costs to help you plan your budget effectively.
ARM interest rates are influenced by market conditions and economic indicators. We help you understand how these factors might affect your future payments, ensuring you’re well-prepared for any potential rate adjustments.
Embark on your ARM journey with the support of Good News Lending. Our comprehensive process includes a thorough financial assessment, clear explanations of ARM specifics, and personalized assistance at every step. From application to closing, we tailor the experience to meet your unique needs, ensuring a smooth and stress-free path to homeownership.
Get in touch with our friendly team today.
