What’s an Adjustable-Rate Loan?

  • RM’s provide the ability for clients to receive a lower interest rate at the beginning of their loan term than what is offered through fixed-rate programs.
  • They are usually provided in a 30-year repayment term,but will change after a negotiated period of 1, 3,5,7,or 10 years.
  • ARM’s allow clients to receive a lower interest rate at the beginning of their loan term than what is currently offered through fixed-rate programs.

Who should consider an Adjustable-Rate Loan?

  • A perfect loan alternative for clients who are only planning to stay in their home for a few years.
  • Clients that are considering moving before the rate is scheduled to change.
  • If you are refinancing from a higher rate loan.
Since most homeowners either move or refinance within five to seven years, myGreatLoan and the Bank of England provide many types of Adjustable Rate Mortgages (ARMs).

These Short-Term-Fixed rate mortgage loans can be first or second mortgages and have an interest rate that is fixed for a certain period of time making 1, 3,5,7,or 10 years ARMs excellent loan options. Once the time period ends, the rate will adjust (either up or down) based on a stated market index.

These loans have starting rates lower than traditional fixed rates and appeal to individuals and families that plan on refinancing or moving within a shorter period of time or find difficulty qualifying for a mortgage.

Let’s get started today!

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DISCLAIMER

Bank of England Mortgage Division has tried to provide accurate and timely information; however, the content of this site may not be accurate, complete or current and may include technical inaccuracies or typographical errors. From time to time changes may be made to the content of this site without notice. Bank of England Mortgage Division may change the products, services, and any other information described on this site at any time.

The information published on this site is provided as a convenience to visitors and is for informational purposes only. You should verify all information before relying on it and decisions based on information contained in our site are your sole responsibility. If you need specific details about any information contained in our site, you should contact Bank of England Mortgage Division at (248) 504-5114.

This is not a commitment to lend or extend credit. All loans are subject to credit approval including credit worthiness, insurability, and ability to provide acceptable collateral. Not all loans or products are available in all states.  ENG Lending and Bank of England are not affiliated with any government agency.

Bank of England Mortgage Division is a division of Bank of England. NMLS 418481. Member FDIC.