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My Home Loan Strategy

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Adjustable Rate Mortgages

Adjustable-Rate Mortgages

Adjustable Rate Mortgage Services

Searching for the perfect house to call your dream home is time consuming. It’s hard to think about anything else as you travel down the path toward home ownership.

BOE Mortgage home loan program offers a range of options that fit your unique situation, current lifestyle, and future dreams.

If you’re concerned about adjustable-rate mortgages and whether you fit the criteria, rest assured, you need not worry with BOE Mortgage on your team.

Knowledgeable BOE Mortgage loan officers can help you explore and choose the best mortgage option for your situation and calculate your rate and monthly payment terms.

Adjustable Rate Mortgages

The adjustable-rate mortgage (ARM) is a home loan with an interest rate that is fixed for a set amount of time, then resets and adjusts up or down periodically, per the terms of the loan. We offer ARMs that have a 5, 7, or 10 year fixed period. Remember, the longer the fixed period of the loan, the higher the rate. ARMs are available with terms from 10 to 30 years.

ARMs come with interest rate floors (lowest interest rate you can pay) and ceilings (highest or maximum rate you can pay), which are commonly referred to as ‘caps’. ARM caps protect both you and your lender. The floor protects lenders from losing money on loans if the index decreases dramatically. The ceiling marks the highest possible rate that the borrower can pay on a mortgage, which protects you from paying an outrageous rate if the index suddenly climbs. In order to protect lenders and borrowers from possible foreclosures in the future, the borrower must qualify for the highest possible payment. Some borrowers with higher debt-to-income (DTI) ratios may not be able to qualify for an ARM loan. Check with your BOE Mortgage Loan Officer for more details.

When an ARM Makes Sense to You

Adjustable-rate mortgages benefit the borrower at times when the interest rate is higher than in previous years and deemed likely to drop to a more affordable level in the near future. However, if rates are already low, you may want to consider a fixed-rate mortgage as your first option.

Adjustable-rate mortgages typically start out at a lower rate percentage than a fixed-rate mortgage. If you retire or pay off your mortgage quickly, the adjustable rate might not have time to adjust.

ARMs are great options if your job requires you to move frequently or if you plan to sell your house within a few years of purchase, rather than keeping it forever.

Your BOE Mortgage loan officer will help you find the adjustable-rate mortgage that best fits your situation, now and in the future.

*All loans are subject to underwriting or investor approval. Other restrictions may apply. This is not an offer of credit or a commitment to lend. Guidelines subject to change.

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Bank of England
17250 Dallas Parkway
Dallas, TX 75248
Bank of England Mortgage is a division of
Bank of England. NMS 418481.
Member FDIC

Equal Housing Lender

Deborah Byrd
Mortgage Advisor
NMLS# 1043719
214-717-3483
DeborahByrd@BOEmortgage.com

Voted Best Mortgage Professional 3 Years Running

Five-Star Professional

CDLP Certified Divorce Lending Professional

Contact:

DeborahByrd@BOEmortgage.com
(214)717-3483
DeborahByrd@BOEtexas.com
17250 Dallas Parkway, Dallas, TX 75248

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Bank of England Mortgage has tried to provide accurate and timely information; however, the content of this site may not be accurate, complete or current and may include technical inaccuracies or typographical errors. From time to time changes may be made to the content of this site without notice. Bank of England Mortgage may change the products, services, and any other information described on this site at any time. The information published on this site is provided as a convenience to visitors and is for informational purposes only. You should verify all information before relying on it and decisions based on information contained in our site are your sole responsibility. If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at (214) 396-6450. This contact information is for accommodation requests only.


Bank of England Mortgage is a division of Bank of England and is not affiliated with any government agency. NMLS 418481. Member FDIC.

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