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 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 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