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Adjustable-rate
mortgages (ARMs) offer an initial interest rate much
lower than those on almost any other type of loan.
Because the monthly
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payments
on an ARM start out lower than a fixed-rate mortgage,
the home buyer may qualify for a larger loan. The interest
rate is adjusted at set intervals to bring it in line
with changing market rates.
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Interest
rates and monthly payments on an ARM can adjust at specific
times over the life of the loan as market conditions
change. To protect you from wide fluctuations, there
are generally ceilings, or caps, on the amount rates
and payments can rise or fall at each adjustment period.
Milestone also provides a "lifetime cap" which
limits how hight the interest rate can go over the life
of the loan.
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For
our 6-month ARM, the initial interest rate is in effect
for the first 6 months and may be adjusted every 6 months
thereafter, based on the applicable index.
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The
3/6-month ARM has an initial interest rate that is effective
for 3 years, and then may be adjusted every 6 months
thereafter, based on the applicable index.
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Our
1/1, 5/1, and 7/1 ARMs maintain a fixed interest rate
for a specified number of years and adjust up or down
every year thereafter based on the applicable index.
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Is
an adjustable-rate the right mortgage for you? If so,
you may want to apply or inquire with Milestone to take
your first steps! Still not sure? It might be a good
idea to use our calculators to see what you can afford,
or look at different loan options. Just click below!
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If
you have any further questions, please feel free to
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call
us at 1-800-883-4444, or e-mail us at
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