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Allows you to pay a lower amount than conventional, fixed rate loans at the beginning of the loan. The lender can reset the interest rate periodically
based upon a nationally recognized index. The interest you pay may be tax deductible, unlike most other types of loans (contact your tax advisor to
find out).
If you plan on selling your home or refinancing your mortgage in the next few years, this may be the best alternative for you.
For some customers, an adjustable rate mortgage may be the first of a two step process where you first qualify for a home loan, improve your credit score by
making your payments as scheduled, and then refinance the mortgage to a fixed rate product in a year or two.
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Contact an experienced mortgage consultant today to guide you through the process or apply online now.
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