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Adjustable Rate Mortgage Loan Product - With Low Introductory Rate

06/04/2007

The Mortgage Store Online announces a 5 year term adjustable interest rate mortgage with a guaranteed low introductory rate of only 3.49% for the first 3 months. This is a huge discount of 2.51% off the bank prime interest rate, currently sitting at 6.00%.

On a $100,000 mortgage that is amortized over 40 years (the amount of time that you have to pay off your mortgage), your payments for these 3 months would be a measly $385.29!

This adjustable interest rate home mortgage gives you the advantage of lower mortgage payments in the initial 3 months of purchasing your home, which could free up some cash to assist you with some of the extra expenses associated with moving into a new home. If you feel that 3 months of a lower payment isn't quite enough, you may choose a 6 month introductory rate of bank prime interest minus 1.75%, giving you an interest rate of only 4.25%, guaranteed for the first 3 months. Monthly payments at this interest rate would be only $431.27.

At the end of the first 3 months, the interest rate automatically adjusts to the bank prime interest rate less .40%, today making it 5.60%. Again, using an amortization period (pay-back period) of 40 years, your payments then would increase to $518.21. This interest rate is tied to the bank prime interest rate, so if the bank prime rate changes, up or down, the interest rate on this mortgage will also change (always at bank prime minus .40%), but only every 3 months, even though bank prime could change very month. That's only 4 times per year instead of 12 times per year for most adjustable rate mortgages.

Request this specific adjustable rate mortgage product now!

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