More information of Adjustable-Rate Mortgage (ARM)
The great advantage of the KeyBank adjustable-rate mortgage is that you can save money in the long run with its changing APR. If for example you choose a 5/6 mo. ARM, the fixed payment term would be 5 years and every 6 months the rate will be appropriate based on the market indicators that banks use to raise or lower the percentage.
Generally, this type of mortgage financing is oriented to pay faster, refinance a less favorable mortgage or for those who intend to sell their property in the medium term. In addition, it offers lower initial monthly payments compared to a fixed mortgage.
As with any mortgage loan, you should be aware of the terms and costs associated with approval. With this ARM, you can also receive a 0.25% discount on the interest rate by opening a KeyBank checking or savings account. You must apply for this product in person if you want to see if you pre-qualify.
In summary, the KeyBank adjustable mortgage is one of several financing alternatives that you can use with this entity to get the house you long for.
On the other hand, if you need to compare this mortgage loan with that of other financial institutions, you have the Busconómico database and the updated information of our experts.
Español: Hipoteca Variable (ARM) de KeyBank