Can you get an ARM loan for a refinance? I want to get a low interest rate and I know ARMs have lower rates, but I have never heard of anyone getting one for a refinance. by dawnharmone556 from Chicago, Illinois. Jan 27th 2011
Absolutely. Adjustable rate mortgages are available on conventional and FHA refinances.An FHA ARM not only offers a low rates but also caps the adjustment to a 1% max in either direction. So for example a beginning rate of 3.25% on its' 7th year will max out at 5.25% (worst case).If you would like more details on ARMs or other refinance options, email me at info@wjbonline.com
Yes you can get an ARM. Are you looking for cashout or just a rate & term refi? It all depends on your situation. I lend in all 50 States. I offer low rates and low closing costs. Hope this helps. RC
Sure you can ~ the underwriters just want to make sure the borrower is benefiting their situation. If you would like me to work up some numbers for you I would be mre than happy too. email - shelldodd@sacmtg.net Have a great day!
As mentioned here..yes...there are just tighter LTV guidelines to meet and also as mentioned we have to demonstrate a net tangible benefit to you the borrower. For a no obligation consultation feel free to contact me. Regards and hope this was helpful.
Ask our community a question.