10/1 ARM Mortgage Rates

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A 10/1 ARM is an adjustable rate loan which includes a 10-year fixed period, followed by a changing interest rate until the loan is paid off. Interest rates are often lower than a 30-year fixed mortgage, so you could be saving a few hundred dollars each month in that initial term. Because most people refinance or sell their homes before they pay off the mortgage, it is a good option for physicians.

Start the process for a 10/1 ARM mortgage today

Start the process for either a purchase or refinance 10/1 ARM mortgage and have a licensed loan officer contact you for a custom quote today.

What is a 10/1 ARM mortgage?

A 10/1 ARM (short for adjustable rate mortgage) is an adjustable rate loan which includes a 10-year fixed period, followed by a changing interest rate every year (hence the “1” in the designation) until the loan is paid off.

How does a 10/1 ARM mortgage work?

Interest rates are often lower than with a fixed mortgage, so you can save hundreds each month in the initial 10-year fixed term. As attractive as that initial rate can be, you must be prepared for the rate to change, on an annual basis. Then you will be subject to fluctuating interest—and payment amounts.

Is a 10/1 ARM mortgage loan a good idea?

An 10/1 ARM offers borrowers the chance to take advantage of competitive interest rates, and the lower payments mean physicians can afford a larger house (and mortgage). Additionally, because most people refinance or sell their homes before they pay off the mortgage, it is a good option for physicians, who often relocate with the jobs and/or upgrade their homes as their income increases.

Lock in your 10/1 ARM rate today

With a wide variety of financing options a loan officer can help you find and lock in the best 10/1 ARM mortgage rate for purchasing a home or refinancing your existing mortgage. Contact us to get started today!

Mortgage rate questions?

10/1 ARM mortgage rates change daily and are determined by 5 major driving factors which you can control: Property type and use, loan-to-value ratio, your FICO score, and whether you are purchasing or refinancing the mortgage.

Getting the lowest 10/1 ARM jumbo refinance rate depends on 4 main elements: the refinance type (rate/term or cash out), the amount of equity you have in the property, any second mortgages, liens or subordinate financing you already have, and your financial report card.

Jumbo (loan amount >$510,400) 10/1 ARM rates are typically higher than conforming loans. This process should also include comparing loan estimates, having a 740+ FICO score, 60% (or less) loan-to-value, and the property being your primary residence.

Conforming (loan amount <$510,400) 10/1 ARM rates are typically lower than jumbo loans. This process should also include comparing loan estimates, having a 740+ FICO score, 60% (or less) loan-to-value, and the property being your primary residence.

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