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HOME LOANS

Adjustable Rate Mortgage

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Buying a home these days can be a challenge with rising home costs and interest rates. Smart Financial’s new Adjustable Rate Mortgage (ARM) can help make it easier to get started. With rates starting at 4.99% with 6.371% APR for the 3/1 ARM* and 5.49% with 6.325% APR for the 5/1 ARM*, Smart Financial has options to help get you into your new home. Connect with one of our mortgage experts to explore which possibilities can help make your dream home a reality!

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What is an ARM?

The term adjustable-rate mortgage (ARM), also known as a variable rate mortgage, refers to a home loan that begins with a low starting interest rate and then fluctuates periodically after the initial introductory term ends. After the intro period, the rate can increase or decrease based on the index and margin agreed to in the loan terms.

 

 

How do ARMs work?

An ARM product is named by two numbers; the first represents the length of time the starting interest rate stays the same, while the second number signifies how often the rate may fluctuate thereafter (adjustment period). For example, during the first five years in a 5/1 ARM the starting interest rate for the first 5 years of the loan does not change. After that, the rate will adjust every 12 months thereafter for the remaining term of the loan.

Is an ARM for me?

An ARM could be the right option if you're looking for the lowest possible rate for the time-being. The inital interest rate offered is typically lower than rates offered with fixed-rate mortgages. If you are looking for a starter home, or plan to move or refinance within the introductory term of the loan, an ARM could make sense for you.

 

 

 

If an ARM isn’t quite right for you, we offer a variety of loan options with low to no down payment options. Contact one of our specialists to see how we can help you achieve your dreams of homeownership!

Ask an expert

Our experienced mortgage origination team is looking forward to guiding you through the often difficult and confusing process of getting a home loan.

If you would like to speak to a Mortgage Specialist immediately, call us at 713-407-1830.

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*APR = ANNUAL PERCENTAGE RATE. THESE RATE OFFERS ARE EFFECTIVE 4/27/2024 AND SUBJECT TO CHANGE. RATES DISPLAYED ARE THE "AS LOW AS" RATES FOR PURCHASE LOANS AND REFINANCES. RATES ARE BASED ON CREDITWORTHINESS, LOAN-TO-VALUE (LTV), OCCUPANCY AND LOAN PURPOSE, SO YOUR RATE AND TERMS MAY DIFFER. ALL LOANS SUBJECT TO CREDIT APPROVAL. OTHER CONDITIONS APPLY. ADJUSTABLE-RATE MORTGAGES ARE VARIABLE, AND YOUR ANNUAL PERCENTAGE RATE (APR) MAY INCREASE AFTER THE INITIAL PERIOD. ONCE THE RATE BEGINS TO ADJUST, YOUR INTEREST RATE WILL EQUAL THE INDEX (BENCHMARK RATE BASED ON MARKET CONDITIONS) PLUS THE MARGIN. THE MARGIN IS THE NUMBER OF PERCENTAGE POINTS ADDED TO THE INDEX. THE INDEX AND THE MARGIN ARE DISCLOSED IN THE LOAN ESTIMATE. YOUR RATE WILL NOT INCREASE OR DECREASE MORE THAN 2.000 PERCENTAGE POINTS AT EACH ADJUSTMENT. YOUR RATE WILL NOT INCREASE OR DECREASE MORE THAN 5.000 PERCENTAGE POINTS OVER THE TERM OF THE LOAN. .