The mortgage market always has opportunities and the latest opportunity is on a 5/1 ARM at 4.125%.
A 5/1 ARM locks you in on a rate that is fixed for 5 years. Afterwards the maximum upward adjustment on the 6th year is 2 points. For example the highest your rate would be on year 6 would be 6.125%. If you are transferred frequently or know that you will not be living in the area in that time frame this may be a perfect product for you. Of course you can refinance in 5 years or at any time. There is no penalty. This is a conforming mortgage product. The ARM could also adjust 2 points on the 7th and 8th year.
Just think of it a 4.125% rate for 5 years. Your payment on $275,000 would be about $1350 a month. Call me to apply. 414-416-9194
APR 4.20%