5/5 Adjustable-Rate Mortgage
“I’m ready to buy a home, but don’t think I’m financially ready for a forever home. I need an option that will get me a good rate for a shorter period of time.”
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With over 90 diverse Pittsburgh neighborhoods to choose from, it can be hard to commit to live in just one. If you’re looking to buy a Pennsylvania starter home or plan on relocating within 10 years of your purchase, Clearview’s 5/5 adjustable-rate mortgage (ARM) could be the right option for you! ARMs have a lower initial interest rate for a set period of time. After that, the home loan rate could go up or down after the initial term, and will continue to adjust periodically until you pay off your mortgage.Advantages of a 5/5 Adjustable-Rate Mortgage
- Fixed rate for the first five years
- After the first five years, the interest rate could go up or down every five years
- 2% rate change cap for every change, with a 6% maximum cap over the entire term
- Ideal for someone who is planning on relocating or moving within the first 10 years or someone looking for a starter home
What's included?
- Interest rate caps set a limit on how high your rate can go
- Competitive interest rates
- Friendly guidance every step of the way
