More information of Adjustable-Rate Mortgage (ARM)
The nature of Fifth Third Bank's adjustable-rate mortgage is easy to understand. You can choose a 5, 7 or 10 year initial term with a fixed rate that will then be adjusted by the bank from time to time. This means that after you have monthly payments that stay the same, they can go up or down.
As personal finance experts, we recommend this ARM in several key cases:
- You plan to move or sell your home in less than 10 years.
- You expect interest rates to fall or remain stable.
- You plan to get out of the mortgage loan in less time than usual
- You want lower monthly payments at the beginning and are not worried about the variation later on.
According to Fifth Third Bank's official website, you can get all the details by calling them or visiting a branch. This bank does not offer pre-qualification, but you can submit a form to be contacted. To guarantee approval, you will need a score of 740 or higher and a down payment of 5% or more.
If you're a resident of FL, GA, IL, IN, KY, MI, NC, OH, TN or WV, Fifth Third's variable mortgage can give you the financing terms you're looking for. When you live elsewhere in the US, you may want to use Busconómico to find something more convenient.
With this same bank, you also have the option of taking out a fixed-rate mortgage, for purchase or refinance, where you will always pay the same.
Español: Hipoteca Variable de Fifth Third Bank