Introductory Rate ARMs
There are several adjustable rate mortgages that are available to homeowners. These include 6-Month Certificate of Deposit ARM, 6-Month Treasury Average ARM, 12-Month Treasury Average ARM and the 1-Year Treasury Spot ARM. ARMs fluctuates quickly to the market and will allow the borrower to benefit from falling interest rates. Borrowers can take advantage of low rates when rates begin to increase on certain ARM programs that lag in some markets.
Periodic rate cap
Periodic rate caps limits how much your payments can rise at one time.
Payment Caps
Payment caps are offered in some ARMs. It limits the payment amount that can rise over the life span of your loan. For example, if the underlying index rises, your payment would increase only to the limit of the payment cap.
Lifetime Caps
Lifetime caps limits the interest rate that can rise during the life of the loan.
What People are Saying
Eagle River Mortgage helped me get a bleak situation under control by refinancing and getting a conforming loan on my house, at MUCH better interest rate. The entire staff is absolutely wonderful. They are always courteous and helpful, and they make the mortgage experience so much easier than anyone else with whom I have ever dealt.
The professionalism at Eagle River Mortgage is head and shoulders above the rest. I recommend them to everyone I know who is buying, selling or refinancing real estate, and will definitely use their services again. They truly are remarkable!
Boise Idaho