If you’re planning to move to New York but are a little tight on budget, an adjustable-rate mortgage (ARM) is the perfect option for financing your new home. ARMs start with lower initial payments for a fixed period and then transition into variable payments based on fluctuating interest rates.
These mortgages enable you to build equity a lot faster than FRMs, due to the below-market ARM loan rates in the initial fixed period. So, if you choose to refinance or sell your home before the adjusted rate period begins, you will benefit from maximized wealth at a minimum cost.
Lynx Mortgage Bank provides the best adjustable rate mortgages in New York to ensure you receive the most suitable loan according to your financial history and needs:
- Hybrid ARM
This loan features a blend of both FRM and ARM characteristics to create a highly flexible financial product. It has very economical interest rates for an initial fixed period, followed by adjusting rates for the mortgage’s remaining life.
Lynx Mortgage Bank offers several categories of hybrid NY adjustable rate mortgages, including 3/1 ARM, 5/1 ARM, and 7/1 ARM. The first digit represents the number of years comprising uniform interest payments. The second digit signifies how many times each year the loan rates will fluctuate after the fixed payment period ends.
For example, our 3/1 ARM comprises low monthly payments for the first three years of the loan, and annual readjustment of the rate every year moving forward.
- Interest-Only ARM
If you take up an I-O mortgage, you will have to pay only your loan’s interest, exclusive of any principal repayment, for a specific duration. This period can range from 3 to 10 years, after which monthly payments will consist of the principal and the interest charge. The loan rates can adjust throughout the life of the ARM, regardless of the nature of the payments.
At Lynn Mortgage Bank, we work hard to ensure you receive the most competitive rates in New York on your interest-only ARMs to make payments as affordable as possible.
- Minimum Payment Option ARM
We offer several payment option ARMs, which allow you to choose the mortgage plan that best fits your current and expected cash flows for easy loan repayment.
This pay-option ARM is best suited to you if your income fluctuates throughout the year and is expected to grow steadily in the future. It involves a very low monthly payment for a specified number of years, which may be lesser than the interest due, and may not cover any principal reimbursement. That can lead to substantial increments in future amounts owed.
- Fully Amortizing Payment Option ARM
This option ARM will enable you to pay off your entire mortgage without encountering a jump in payments after the fixed-rate period has elapsed. It features steady interest + principal payments at a non-adjustable rate for a specific number of years, succeeded by variable amounts.
We offer fully amortizing payment plans in multiple durations at the finest rates for stress-free home financing.
- Interest–only Payment Option ARM
This payment option ARM follows a similar structure to our I-O mortgage plan. You can choose to pay off your house loan via interest exclusive payments initially, but you must begin paying back the principal after that agreed-upon period ends.
At Lynx, we take the effects of each payment plan and your requirements into consideration to craft the ideal option-payment adjustable mortgage in NY for your financial circumstances.
We pride ourselves on our ability to interpret market changes instantaneously and react efficiently to offer our customers unbeaten competitive rates on their NY adjustable mortgages.
Contact Lynx Mortgage Bank to learn more about our products and programs 877-599-LYNX.