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what is a 5/5 arm mortgage

Mortgage rates today are driven by movements in financial markets worldwide. When the economy heats up, bond price drop, and rates increase. When the economy pulls back, interest rates tend to fall.

Information Applicable to All Mortgage Loans. Rates, discount points and terms are based on an evaluation of each member’s credit history, loan-to-value (LTV), occupancy, payment type, loan amount and loan purpose, so your rate and terms may differ.

A reverse mortgage is a mortgage loan, usually secured over a residential property, that enables the borrower to access the unencumbered value of the property. The loans are typically promoted to older homeowners and typically do not require monthly mortgage payments. Borrowers are still responsible for property taxes and homeowner’s insurance.Reverse mortgages allow elders to access the home.

IBMSECU’s 5/5 ARM is an Adjustable Rate Mortgage, and like other ARMs it offers an initial low fixed-rate (lower than a 30-year fixed-rate mortgage) followed by an adjustable-rate phase for the remainder of the loan.

A number of mortgage market trends are setting the pace for what to expect from originations this year. Higher rates are signaling fewer refinances from a year ago, and are also dictating how a lender’s product mix will evolve, according to Ellie Mae.

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A 5-1 hybrid adjustable-rate mortgage (5-1 hybrid ARM) begins with an initial five-year fixed-interest rate, followed by a rate that adjusts on an annual basis. The "5" in the term refers to the.

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Other Features: An example APR for a 5/5 Year ARM loan is 3.125%. An example monthly mortgage payment is $428. The example quotes are based on a property value of $200,000 and a loan amount of $100,000 for 1st mortgage options and a $10,000 2nd mortgage. The Annual Percentage Rates (APR) stated is an estimate and is intended for informational use.

No Private Mortgage Insurance (PMI) or Upfront Mortgage Insurance Premium ( UMIP) is required for 2/2, 3/5, 5/5 and all Jumbo Adjustable Rate Mortgage.

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A 5/5 ARM is an adjustable-rate mortgage that borrowers pay off in 30 years. The interest rate on a 5/5 arm stays the same for the first 60 months (five years) of the loan, and after that, the interest rate could go up or down every five years.

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