Adjustable-rate mortgages in New York
Adjustable-rate mortgages (ARMs) initially have low fixed rates. But after 1, 3 or 5 years that fixed rate changes to a variable rate meaning the rate will move and either increase or decrease your monthly payment. An ARM is a good option if you think you’ll soon see an increase in income. It’s also an option worth pursuing if you don’t plan to live in the home for more than a few years. Borrowers who work on commission or whose incomes change from season to season also might be good candidates for ARMs.
