In late August, I wrote a famous blog called “In Defense of ARMs” that was read by …. dozens of people. :)
OK, it wasn’t actually famous, and it was actually read by a few thousand people, but the message was clear:
ARMs (Adjustable Rate Mortgages) are getting much more competitive in this climbing rate environment.
And, they are a great way for borrowers to continue to lock in very low rates, even in the 3% range.
We now offer a 5/1 Jumbo ARM at no points at 3.75%*, for example, with a 20% down purchase.
5/1 rates are even lower with larger down payment percentages and larger loan amounts.
We offer a 7/1 Jumbo ARM at no points at 4.0%**, with a 20% down purchase.
And once again, larger down payment percentages and larger loan amounts allow us to offer even lower rates.
We encourage all borrowers to consider ARMs whenever their time-horizon is short, when they have ample liquidity, or when a lower payment is a necessity.
*5/1 ARM rate quote assumes $1 million purchase with 20% down; 740 FICO; Single Family Home; Well-qualified borrowers only; APR: 5.113%
**7/1 ARM rate quote assumes $1 million purchase with 20% down; 740 FICO; Single Family Home; Well-qualified borrowers only; APR: 5.35%
Jay Voorhees
Founder/Broker | JVM Lending
(925) 855-4491 | DRE# 01524255, NMLS# 335646
