Adjustable rate mortgages, also refered to as ARMs are home loans with a variable rate which takes effect after initial set period . As interest rates rise and fall in general, rates on adjustable rate mortgages follow but always tend to be lower than fixed rates. A main reason to consider adjustable rate mortgages is that you may end up with a lower monthly payment. This can be beneficial for borrowers who want to sell or refinance their property within 3-10 years.
MidAmerica Bancorp, Inc. currently offers the following ARMs:
