Innovative Mortgage Services - Adjustable Rate Mortgage

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ARMs are tied to a market index and are popular with some borrowers because an ARM typically offers a lower starting rate than a traditional fixed rate loan. However, the interest rate on an ARM loan can adjust upward or downward according to a specific schedule. A "cap" limits the amount it may rise. An ARM loan may be an excellent loan for someone not planning to stay in their home for a long period of time. A number of plans are available offering interest rates that are fixed for the first one, three, five, seven, or ten years.

1 Yr. ARM Loan with 2/6 Caps, 30 Year Amortization

Program offers a lower initial interest rate that is fixed for the first 12 months. Interest rate and payment may adjust every 12 months thereafter. Annual interest rate caps are 2% with a 6% lifetime cap.

3/1 ARM Loan with 2/6 Caps, 30 Year Amortization

Program offers a lower initial interest rate that is fixed for the first 36 months. Interest rate and payment may adjust every 12 months thereafter. Annual interest rate caps are 2% with a 6% lifetime cap.

5/1 ARM Loan with 5/2/5 Caps, 30 Year Amortization

Program offers a lower initial interest rate that is fixed for the first 60 months. Interest rate and payment may adjust every 12 months thereafter. Annual interest rate caps are 2% (5% at the first adjustment) with a 5% lifetime cap.

7/1 ARM Loan with 5/2/5 Caps, 30 Year Amortization

Program offers a lower initial interest rate that is fixed for the first 84 months. Interest rate and payment may adjust every 12 months thereafter. Annual interest rate caps are 2% (5% cap at the first adjustment) with a 5% lifetime cap.

10/1 ARM Loan with 5/2/5 Caps, 30 Year Amortization

Program offers a lower initial interest rate that is fixed for the first 120 months. Interest rate and payment may adjust every 12 months thereafter. Annual interest rate caps are 2% (5% cap at the first adjustment) with a 5% lifetime cap.

Interest Only ARM

1 Yr. ARM Loan with 2/6 Caps, 30 Year Amortization

This ARM loan offers a fixed period LIBOR-indexed adjustable rate with an "interest only" period which coincides with the initial fixed rate period of the loan of 3,5,7 or 10 years. After the initial fixed rate period, the interest rate adjusts every 12 months until the loan has fully amortized.