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logo
  • About
  • Home Purchase
  • Refinance
  • Learn
  • Loan Programs
  • Loan Process
  • Mortgage Basics
  • Mortgage Calculators
  • Online Forms
  • FAQ
  • Blog
  • Contact Us
  • Apply Now
  • Request a Quote
  • (516) 742-6800
logo
  • About
  • Home Purchase
  • Refinance
  • Learn
    • Loan Programs
    • Loan Process
    • Mortgage Basics
    • Mortgage Calculators
    • Online Forms
    • FAQ
  • Blog
  • Contact Us
  • Apply Now
  • Request a Quote
  • APPLY NOW

Hybrid ARMs (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)

Hybrid ARM mortgages, also called fixed-period ARMs, combine features of both fixed-rate and adjustable-rate mortgages. A hybrid loan starts out with an interest rate that is fixed for a period of years (usually 3, 5, 7 or 10). Then, the loan converts to an ARM for a set number of years. An example would be a 30-year hybrid with a fixed rate for seven years and an adjustable rate for 23 years.

The beauty of a fixed-period ARM is that the initial interest rate for the fixed period of the loan is lower than the rate would be on a mortgage that's fixed for 30 years, sometimes significantly. Hence you can enjoy a lower rate while having period of stability for your payments. A typical one-year ARM on the other hand, goes to a new rate every year, starting 12 months after the loan is taken out. So while the starting rate on ARMs is considerably lower than on a standard mortgage, they carry the risk of future hikes.

Homeowners can get a hybrid and hope to refinance as the initial term expires. These types of loans are best for people who do not intend to live long in their homes. By getting a lower rate and lower monthly payments than with a 30- or 15-year loan, they can break even more quickly on refinancing costs, such as title insurance and the appraisal fee. Since the monthly payment will be lower, borrowers can make extra payments and pay off the loan early, saving thousands during the years they have the loan.

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About Us

We've been helping customers afford the home of their dreams for many years and we love what we do.

Company NMLS: 69307
www.nmlsconsumeraccess.org

Contact Us

Long Island
142 Willis Avenue
Mineola, New York 11501
Phone: (516) 742-6800
info@patriotonemtg.com

Westchester
303 S. Broadway, Suite 486
Tarrytown, NY 10591
Phone: (914) 631-4080
mmscott@patriotonemtg.com



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