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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.
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.
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:
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!
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.
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: