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The interest rate on a mortgage is one of the most important factors in a homeowner's monthly payments. The higher the rate, the more you will pay and the lower the interest rate, the lower your monthly payments and the higher your monthly savings.
A fixed-rate mortgage (FRM), often referred to as a "vanilla wafer" mortgage loan, is a fully amortizing mortgage loan where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or "float". As a result, payment amounts and the duration of the loan are fixed and the person who is responsible for paying back the loan benefits from a consistent, single payment and the ability to plan a budget based on the fixed cost
An adjustable-rate mortgage (ARM) refers to a mortgage regulated by the Federal government, with caps on charges. Adjustable-rate mortgage (variable-rate or tracker mortgage) is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets.
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Know Your Fixed Rate Mortgages
Know Your Adjustable Rate Mortgages
In the United States, adjustable-rate mortgage (ARM) refers to a mortgage regulated by the Federal government, with caps on charges. Adjustable-rate mortgage (variable-rate or tracker mortgage) is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets.
The loan may be
offered at the lender's standard variable rate/base rate with a
direct and legally-defined link to the underlying index. Where
there is no specific link to the underlying market or index the
rate can be changed at the lender's discretion. The term
"variable-rate mortgage" is most common outside the United
States, whilst in the United States; "adjustable-rate mortgage"
is most common.
Some common indies are:
1) The rates on 1-year Constant Maturity Treasury (CMT) Securities.
2) The Cost of Funds Index (COFI), and
3) The London Interbank Offered Rate (LIBOR).
A few lenders use their own cost of funds as an index, rather than using other indices to ensure a steady margin for the lender, whose own cost of funding is usually related to the index. Consequently, payments made by the borrower may change over time with the changing interest rate (alternatively, the term of the loan may change). On the other hand graduated payment mortgage offers changing payment amounts but maintains a fixed interest rate. Other forms of mortgage loan include the interest only mortgage, the fixed rate mortgage, the negative amortization mortgage, and the balloon payment mortgage.
Adjustable rates transfer part of the
interest rate risk from the lender to the borrower which they
used where unpredictable interest rates make fixed rate loans
difficult to obtain. The borrower benefits if the interest rate
goes down (falls) but loses if the interest rate rises
(increases). The borrower also benefits from reduced margins to
the underlying cost of borrowing compared to fixed or capped
A mortgage loan in which the interest rate changes after a fixed period of time from loan initiation is called an adjustable rate mortgage or ARM. ARM are consider riskier mortgages to the borrower because a rate change may negatively impact the homeowner that walks away due to inability to handle the new payment
The initial rate on an ARM is lower than on a fixed rate mortgage which allows you to afford a better home. Adjustable rate mortgages are usually amortized over a period of 30 years with the initial rate being fixed for anywhere from 1 month to 10 years.
All ARM loans have a "margin" plus an "index." Margins on loans range from 1.75% to 3.5% depending on the index and the amount financed in relation to the property value. The index is the financial instrument that the ARM loan is tied to such as: 1-Year Treasury Security, LIBOR (London Interbank Offered Rate), Prime, 6-Month Certificate of Deposit (CD) and the 11th District Cost of Funds (COFI).
When the time comes for the ARM to adjust, the margin will be added to the index and typically rounded to the nearest 1/8 of one percent to arrive at the new interest rate. That rate will then be fixed for the next adjustment period. This adjustment can occur every year. However, there are factors limiting how much the rates can adjust. These factors are called "caps". Suppose you had a "3/1 ARM" with an initial cap of 2%, a lifetime cap of 6%, and initial interest rate of 6.25%. The highest rate you could have in the fourth year would be 8.25%, and the highest rate you could have during the life of the loan would be 12.25%.Some ARM loans have a conversion feature that would allow the borrower to convert the loan from an adjustable rate to a slightly higher fixed rate than the market rate with a minimal charge to convert by refinancing.
Teaser Rate Periods
Many ARMs have "teaser periods", which are relatively short initial fixed-rate periods (typically one month to one year). During this period the ARM bears an interest rate that is substantially below the "fully indexed" rate. The teaser period may induce some borrowers to view an ARM as more of a bargain than it really represents. A low teaser rate predisposes an ARM to sustain above-average payment increases.
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