VANDYK MORTGAGE FORT MYERS
ADJUSTABLE RATE MORTGAGE
Adjustable Rate Mortgage (ARM) Loan
Best for:
Buyers who expect to move (or refinance) before or shortly after their first rate adjustment.
What it is:
Unlike fixed-rate mortgages, adjustable rate mortgages (ARM) have fluctuating rates. Your interest rate is fixed for a specific period. However, the rate may change depending on the market. Which means that your monthly mortgage payments could increase or decrease. In many cases, ARMs come with rate caps that limit how high the rate can be or how the payments can change. The right question is not whether an ARM starts cheaper — it is what the payment could become after adjustment, and whether that worst case still works for you. Rate caps, where they apply, limit how much the rate can change.
ARM Pros and Cons
Pros:
May fit a buyer with a genuinely short time horizon in the home, who expects to move or refinance before or shortly after the first adjustment.
Flexibility – ARMs may be a good option if you plan to move or pay off your mortgage in a few years.
Payments could decrease if interest rates fall.
Cons:
Payments could increase if rates rise.
ARMs are a complex loan that have rules, fees, and structures not found in other programs.
Tim Hart, Branch Manager, VanDyk Mortgage, Fort Myers
Serving Fort Myers, Cape Coral, and Southwest Florida. In mortgages since 2001.
Call or text: 239-910-5668
Tim Hart NMLS #354676 · VanDyk Mortgage Corp NMLS #3035 · Equal Housing Lender
Ready to start now? You can begin your application here: https://timhart.floify.com/apply
Programs are subject to credit and property approval, program availability, and lender guidelines, which can change without notice. This page is general information, not a commitment to lend or a guarantee of approval.