Variable-Rate Mortgages

A variable-rate mortgage, also known as an adjustable-rate mortgage (ARM), is a type of mortgage where the interest rate can fluctuate over the term of the loan. Unlike fixed-rate mortgages, where the interest rate remains constant, variable-rate mortgages offer flexibility and the potential for lower initial interest rates. This page provides an overview of variable-rate mortgages and highlights the key features and benefits they offer.

Key Features of Variable-Rate Mortgages:

Adjustable Interest Rates: With a variable-rate mortgage, your interest rate is tied to a specific benchmark, such as the prime rate or the lender’s prime rate plus a set percentage. The interest rate can change periodically, typically based on changes in the broader financial market or fluctuations in the benchmark rate.
Initial Lower Interest Rates: Variable-rate mortgages often come with an initial period, commonly known as the “fixed-rate period” or “teaser rate,” where the interest rate is lower than the prevailing rates for fixed-rate mortgages. This initial lower rate can provide potential savings on your monthly mortgage payments during the specified period.
Potential for Rate Decreases: Variable-rate mortgages offer the possibility of benefiting from decreasing interest rates. If the benchmark rate decreases, your mortgage interest rate and monthly payments may decrease as well, resulting in potential savings over the term of your mortgage.
Flexibility: Variable-rate mortgages provide flexibility, allowing you to take advantage of changing market conditions. For example, if you anticipate interest rates to decline further, you may choose a variable-rate mortgage to benefit from potential rate decreases. Additionally, variable-rate mortgages often come with prepayment privileges, allowing you to make extra payments or pay off your mortgage faster without penalties.
It’s important to note that variable-rate mortgages come with some level of risk, as the interest rate can increase over time. Factors such as economic conditions, changes in the benchmark rate, and lender policies can influence the fluctuations in your mortgage interest rate.
At Esto Mortgage, we understand that choosing the right mortgage option is a significant decision. Our experienced mortgage professionals are here to guide you through the process, explain the features and risks associated with variable-rate mortgages, and help you make informed decisions based on your financial goals and risk tolerance.
Contact us today to discuss your mortgage needs, explore variable-rate mortgage options, and determine the best mortgage solution for your unique circumstances. Our dedicated team is committed to providing personalized service, competitive rates, and reliable advice to help you achieve your homeownership goals.

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