Did you know the median amount of time that people stay in their home before they decide to sell is 13 years?1 A new job, a bigger family, retirement—there are all sorts of reasons you might want to move to a different home, well before you'll be finished with a traditional 30-year mortgage. If you're likely to move within 10-15 years—like so many other homeowners—a 15/15 ARM could be right up your alley.
This loan is also a good choice for people seeking a budget-friendly monthly payment for the time being, but are planning on a steady increase in income over the next few years. It could also make sense if you wanted to make extra payments on your mortgage—paying down your principal and building up equity faster.
The current interest rates for home loans are getting lower and lower, making the 15/15 ARM an especially attractive home loan option. Already have a home mortgage? Consider refinancing to take advantage of this buyer’s market—possibly lowering your monthly payment or helping you pay off your loan faster!
The 15/15 ARM is a unique, adjustable-rate mortgage that features a fixed interest rate for the first 15 years, followed by a one-time rate adjustment for the remainder of the loan. Its biggest benefit? The initial interest rate can be lower than what you get with a typical 30-year mortgage. That equals a more affordable monthly payment, and more disposable income or savings for you.
Other adjustable-rate mortgages typically adjust interest rates every year after the initial rate period. So, while there are other low interest rate mortgage options out there, few offer the comfort and stability of the 15/15 ARM.
The 15/15 ARM is a great opportunity for a wide variety of homebuyers, but it pays to work out the details with a mortgage professional.
When you team up with Alaska USA Mortgage Company, you team up with in-house processors, underwriters, and closers that live, work, and play right in your neighborhood. Our home loan experts will take a comprehensive look at your finances, homeownership goals, and plans for the future to figure out what home loan works best for you.
Source: Previous home borrowers surveyed since 2017.
Awarded for the fifth consecutive year by the readers of the Mat-Su Frontiersman.
Better Business Bureau
from the Anchorage Home Builders Association
Mortgage Loan Originator Steven Kihn was awarded for his proven track record of hard work and dedicated service to the home building industry.
You are about to visit a third-party website not operated by Alaska USA Federal Credit Union or Alaska USA Mortgage Company.
Alaska USA is not responsible for the product, service, or website content on any external third-party sites and does not represent either you or the website operator if you enter into a transaction. Alaska USA's privacy and security policies do not apply to the linked site.Continue OR, CANCEL