Adjustable Rate Mortgages

Adjustable Rate Mortgages

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The Lowdown on Adjustable Rate Mortgages...

The Lowdown on Adjustable Rate Mortgages...

Adjustable Rate Mortgages (ARM) in Chicago, IL

At MacLagan Home Loans, we offer flexible financing options to help you achieve your dream of owning a home in the vibrant city of Chicago and the surrounding Chicagoland area. One such option is our Adjustable Rate Mortgages (ARM), designed to provide you with flexibility and potential savings in the early years of your loan.

What is an Adjustable Rate Mortgage?

An Adjustable Rate Mortgage, commonly known as an ARM, is a home loan with an interest rate that can adjust periodically. Unlike a fixed-rate mortgage, where the interest rate remains the same throughout the loan term, an ARM offers an initial fixed-rate period, followed by adjustments based on market conditions. An adjustable rate mortgage is fixed for a specific number of years such as 5, 7, or 10 years and then your interest rate adjusts every six months. For example a 7/6 adjustable rate mortgage the 7 is the number of fixed years and the 6 is referring to how many months after the fixed period your interest will change. 

Benefits of an Adjustable Rate Mortgages(ARM)

  1. Lower Initial Rates: With an ARM, you can take advantage of lower initial interest rates compared to fixed-rate mortgages. This can lead to lower monthly payments and more affordability, especially in the early years of your loan.
  2. Flexibility: ARMs offer flexibility, allowing you to take advantage of changing market conditions. If interest rates decrease, your monthly payments may decrease as well, potentially saving you money. On the other hand, if rates increase, your payments may rise, but you can refinance or sell your home before that happens.
  3. Short-Term Plans: If you plan to stay in your home for a shorter period, an ARM can be an attractive option. You can benefit from the lower rates during the initial fixed-rate period and potentially save money before selling or refinancing.

Our Commitment to You

At MacLagan Home Loans, we are dedicated to providing exceptional service to our clients in the Chicago, IL and Chicagoland area. When you choose our ARM program, you can expect:

  1. Expert Guidance: Our experienced loan officers will guide you through the process, helping you understand the terms and conditions of an ARM and assisting you in making an informed decision.
  2. Competitive Rates: We offer competitive interest rates on our ARMs, ensuring that you get a mortgage solution tailored to your financial goals.
  3. Personalized Solutions: We understand that each homebuyer is unique. Our team will work closely with you to understand your specific needs and customize an ARM that aligns with your long-term plans.

Start Your Homeownership Journey Today

If you’re considering an Adjustable Rate Mortgage for your home purchase in Chicago, IL or the Chicagoland area, MacLagan Home Loans is here to assist you every step of the way. Our commitment to providing outstanding service and flexible financing options sets us apart from the competition. Take our Free Adjustable Rate Mortgage Qualifier to see how much home you can afford!

Do I Qualify?

Most homeowners get into adjustable-rate mortgages for the lower initial payment, and then usually refinance the loan when the fixed period ends. At that time, the interest rate becomes variable, or adjustable, and the homeowner would likely refinance into another ARM, something fixed, or sell the home outright.

Do I Qualify?

Your Home Loan Could Be Fully Funded 30 Days From Now

  • Fixed Rates

    Fixed Rates

  • Adjustable Rates Mortgae (ARM)

    Adjustable Rates
    Mortgae (ARM)

  • Conforming Loans


  • Jumbo & Super Jumbo Loans

    Jumbo & Super
    Jumbo Loans

  • FHA, VA & USDA Loans

    FHA, VA & USDA

  • Terms from 5 to 30 Years

    Terms from 5 to
    30 Years

Get Your FREE Adjustable Rate Mortgage Quote Now!

Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below:

I Want My Free Adjustable Rate Mortgage Quote