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Adjustable Rate Mortgages (ARMs) Georgia

With an Adjustable Rate Mortgage (ARM), the interest rate changes periodically, usually in relation to an index, and payments may go up or down accordingly.

Local Companies

1st USA Mortgage Corporation, Inc.
678-201-5904
1080 Holcomb Bridge Road Roswell
Roswell, GA

NovaStar Home Mortgage Inc.
800-949-9097
1 Glenlake Parkway
Atlanta, GA

Peachtree Mortgage Services
(770) 481-0052
5305 Claridge Square
Dunwoody, GA

AmeriSave Mortgage Corporation
1-866-325-0066
3350 Peachtree Road
Atlanta, GA

PREMIER MORTGAGE FUNDING, INC.
(888) 350-7696 EXT 705
4350 sunvalley bv.
Atlanta, GA

1st Commitment Mortgage Services, Inc.
678-205-0506
8200 Mall Parkway
Lithonia, GA

DreamCrafters Mortgage, LLC
678-475-1733
3883 Rogers Bridge Road
Duluth, GA

IP Communications
+1 678 460 1475
1343 Canton Road
Marietta, GA

American Source Mortgage
(678) 867-7088
11255
roswell, GA

The Perpetual Financial Group, Inc.
770-972-4955
1911 Grayson Hwy, Suite 8 #339
Grayson, GA

Adjustable Rate Mortgages (ARMs)

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With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an Adjustable Rate Mortgage (ARM), the interest rate changes periodically, usually in relation to an index, and payments may go up or down accordingly.

Adjustable Rate Mortgages

At-A-Glance

Pro	Con
Lower initial interest rates	Lower rate means you potentially assume more risk
If interest rates remain steady or decrease, could be less expensive over time	If interest rates increase, you’ll be faced with higher monthly payments in the future

TIP: Before deciding that an ARM is right for you, ask yourself these questions:

Is my income likely to rise enough to cover higher mortgage payments if interest rates go up?
Will I be taking on other sizable debts, such as a loan for a car or school tuition, in the near future?
How long do I plan to own this home? (If you plan to sell soon, rising interest rates may not pose the problem they do if you plan to own the house for a long time.)
Can my payments increase even if interest rates generally do not increase?

The Basic Features

The Adjustment Period: With most ARMs the adjustment period occurs every one, three or five years, resulting in a change in your interest rate and monthly payment.

The Index: Most lenders tie ARM interest rate changes to changes in an index rate. These indexes usually go up and down with the general movement of interest rates, making your monthly payment amount rise or fall accordingly.

The Margin: To determine the interest rate on an ARM, lenders add to the index rate a few percentage points called the margin. The amount of the margin can differ from one lender to another, but it is usually constant over the life of the loan.

This information is adapted from "Consumer Handbook on Adjustable Rate Mortgages" published by the Federal Reserve Board and the Office of Thrift Supervision.

Published on January 25, 2007

Read full article at realestate.com

Featured Local Company

Stonequest Mortgage, Inc.

770-479-6005
110 Prominence Point Pkwy., Ste 114
Canton, GA
http://www.stonequestmortgage.com

– Stonequest Mortgage, Inc.

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