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Refinance - Home Equity - 2nd Mortgage - Debt Consolidation - Home Improvement - FHA VA
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 Popular Terms 30 yr Fixed |
10/1 ARM Loans A 10/1 ARM is an adjustable-rate mortgage, or ARM, that has an initial interest rate for the first 10 years, and thereafter has an adjustment interval of one year. Each annual rate adjustment is based on (or "indexed to") another rate -- often the yield on a Treasury note. Someone taking out a $165,000.00 10/1 ARM at the current average would pay $887.77 a month for the first 10 years of the loan. The rate would change annually thereafter. Nationally, the highest rate on a 10/1 ARM was 6.00 percent. The lowest rate was 4.50 percent. Six months ago, the average rate in the U.S. was 5.26 percent.
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Mortgage & Debt FYI Many self-help guides to getting out of debt suggest credit card debt consolidation as helpful tool for debt management. Debt consolidation, in simple terms, means taking all the money you owe to different sources, or in most cases, different credit card companies, and putting it into one source of debt-either another credit card or some other type of loan. If you are diligent about either paying off your debt or switching again to another low interest program before the low interest rate time period is up, then you will be able to save hundreds of dollars in interest payments. Request a FREE Mortgage Quote online and learn how a debt consolidation loan could save you over $4,000 per year! |
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Cash Out Refinance |
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