Adjustable-Rate Mortgages (ARMs)

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ARMs Can Be A Great Option

ARMs have an initial fixed-rate period during which your rate doesn’t change, and then for the remaining life of the loan, the rate may fluctuate based on the market. There are a number of terms to choose from to fit your needs, including ARMs with an initial fixed rate period of 3, 5, 7 and 10 years.1

How It Works

After the fixed-rate period, an ARM’s rate fluctuates based on the current index. At the time of the change, often done annually, the lender adds the current index to a set margin to determine the new rate and payment. The frequency your rate can change, type of index used, set margin, maximum amount your rate can change each time, as well as the maximum and minimum rate allowed for the life of the loan are spelled out in the loan closing documents. The process repeats each time an adjustment date rolls around.
Does it sound a little complicated and intimidating? Not to worry, a SouthState Loan Officer is ready to walk you through the ins and outs of an adjustable-rate mortgage. They are a great option if you plan to move within seven years. Adjustable-rate mortgage rates tend to be lower and therefore less expensive in the short term than fixed rate mortgages, but have the potential to rise after the fixed rate period.
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