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Trade Your ARM for a Fixed Rate

By switching to a fixed rate loan, you will not only reduce your payment, you will also likely lock in an attractive rate for as long as you own your home.

In fact, while one year ARMs currently offer tempting introductory rates, most experts recommend avoiding them, because you could easily find yourself facing sharply higher payments in the near future, even if interest rates don't rise. Why? Well, after the introductory rate expires, ARMs are typically pegged to the one year Treasury rate (recently 5.25%) plus 2.75 percentage points, with increases of as much as two points a year. Assuming interest rates don't change, you would pay 7.59% in the second year (the full two point increase) and 8% in the third year.

There are certain cases, however, where an ARM makes sense. If you are fairly certain you'll be moving within five years, you can save some money -- and avoid rising payments -- with a five year ARM. Such loans offer a fixed rate for five years and adjust annually thereafter.



PRMI NMLS No. 3094. Branch NMLS 252910. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification. This office is licensed and examined by the Office of Consumer Credit Commissioner of the State of Texas. Alabama Banking Department Bureau of Banking MC 20316. Arkansas Securities Department 11558. Florida Office of Financial Regulation MLD646. Department of Banking and Finance 6521. Office of Financial Institutions #771. Missouri Division of Finance. Mississippi Department of Banking and Consumer Finance, 3094. Oklahoma Department of Consumer Credit ML010027. Department of Financial Institutions 109282.a.  KY-Department of Public Protection the Office of Financial Institutions, #MC23741.  LA-Office of Financial Institutions #771.  Maryland Department of Labor, Licensing and Regulation Commissioner of Financial Regulation #5511. NE-Department of Banking and Finance, #350.  Ohio Department of Commerce Division of Financial Institutions, #MB.802748.000. OH MLO RM 802748.061.  South Carolina Department of Consumer Affairs MLS3094, As Element Funding MLS-3094 OTN#1.  TN-Department of Financial Institutions 109282.  VA-Bureau of Financial Institutions: MC-2248 Broker MC-2248 NMLS # 3094 (http://nmlsconsumeraccess.org).  West Virginia Division of Financial Institutions ML-30751.

PRMI NMLS No. 3094. Branch NMLS 252910. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification. This office is licensed and examined by the Office of Consumer Credit Commissioner of the State of Texas. Alabama Banking Department Bureau of Banking MC 20316. Arkansas Securities Department 11558. Florida Office of Financial Regulation MLD646. Department of Banking and Finance 6521. Office of Financial Institutions #771. Missouri Division of Finance. Mississippi Department of Banking and Consumer Finance, 3094. Oklahoma Department of Consumer Credit ML010027. Department of Financial Institutions 109282.a.  KY-Department of Public Protection the Office of Financial Institutions, #MC23741.  LA-Office of Financial Institutions #771.  Maryland Department of Labor, Licensing and Regulation Commissioner of Financial Regulation #5511. NE-Department of Banking and Finance, #350.  Ohio Department of Commerce Division of Financial Institutions, #MB.802748.000. OH MLO RM 802748.061.  South Carolina Department of Consumer Affairs MLS3094, As Element Funding MLS-3094 OTN#1.  TN-Department of Financial Institutions 109282.  VA-Bureau of Financial Institutions: MC-2248 Broker MC-2248 NMLS # 3094 (http://nmlsconsumeraccess.org).  West Virginia Division of Financial Institutions ML-30751.