Mid America Mortgage, Inc. offers a variety of adjustable rate mortgages (ARMs) designed for consumers looking to take advantage of low introductory rates for a set number of years. With our ARM programs, introductory rates are available for 3, 5 and 7 years. After the introductory periods end, rates can adjust up or down based up the loans’ caps, margins, and the indexes that the loans are tied to. Sound confusing? It does not have to be. Contact us today and one of our mortgage professionals will explain to you some of the pros and cons of adjustable rate mortgages and walk you through exactly how these loans work.
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More Information Adjustable Rate Mortgages
- 3 Year ARM – Introductory rate stays in place for the first three years of the mortgage.
- 5 Year ARM – Introductory rate stays in place for the first five years of the mortgage.
- 7 Year ARM – Introductory rate stays in place for the first seven years of the mortgage.
- Jumbo ARMs – We offer several jumbo adjustable rate mortgages for loan amounts exceeding today’s conforming loan limits.
- Borrowers who are planning in being in their homes for seven years or less.
- Consumers who have significant equity in their homes. Borrowers do not want to find themselves in adjustable rate mortgages and unable to refinance due to not having enough equity.
- Borrowers who have excellent employment security.
- People who are not risk adverse.
- Most types of residential 1-4 unit properties.
- We have adjustable rate products for primary residences, second homes, and investment properties. Note that rate adjustments for adjustable rate mortgages on second homes and rental properties may bring ARM pricing close to or above fixed rates. Ask your mortgage professional for a pricing comparison.