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Adjustable-rate mortgages normally offer lower initial monthly payments than fixed-rate mortgages. Other benefits of ARMs include: opportunity to qualify for a larger loan, lower payments, and the ability to save money in the short-term. Borrowers who are comfortable taking on risks or who feel their income will increase to cover possible payment increases often make this choice. Once the introductory period of the ARM is up, you may be able to refinance into a fixed-rate mortgage.
A Flagstar Bank lending expert can help you select the right loan and terms for your situation. Call a mortgage specialist at (855) 372-5626.
After you close on your new loan, you can check your balance and make your payment online through our MyLoans system.
1The APR calculation is based on a 5/1 adjustable rate mortgage in the amount of $200,000 for the purchase of a single-family, primary residence with 80% loan-to-value or 20% down payment, minimum borrower credit score of 740, and estimated finance charges of 2 points and $1,200. The APR is subject to change at any time and individual APRs may vary.
A lending expert will provide you the terms, conditions, disclosures, and additional details on the interest rates that apply to your individual situation.