Everyone has different requirements when it comes to home loans. The home mortgage solution that works for one individual may not necessary work for the next. That’s why there are so many options out there—to suit everyone’s needs. And that’s why Signature Mortgage Corporation of Canton, Ohio offers a variety of loan products to their customers. Whether you’re concerned about getting a long-term loan for your new house in Cleveland, Ohio, or you’d just prefer a 5 year home loan for a residence in Detroit, Michigan, Signature Mortgage Corporation can help you find the best product for you and your family. On top of the traditional options that are offered to soon-to-be homeowners, Signature Mortgage also has a selection of adjustable rate mortgage choices and hybrid ARM loans that may be more suitable for your current situation. If you’re not sure that the customary 15-year or 30-year loan is what you need, why not take the opportunity to learn more about the 5/1 ARM loan and the other alternatives available from this Akron, Ohio area company?

Many people researching home mortgage solutions are surprised to discover that there are more options out there than they may have previously been aware of. This is probably due to the fact that a lot of lenders strive to sell products that will provide them with the greatest benefits—not the borrower. However, Signature Mortgage Corporation of Canton knows that one size does not fit all when it comes to home loans, so they make sure that their customers have all of the information they need before they make a decision.

Just what are the alternatives to the traditional 15 and 30-year fixed loans? For starters, there is the adjustable rate mortgage.

If you anticipate a significant increase in your income or property value in the next several years, plan on staying in your home short-term, or would like to significantly lower your payment, an ARM might be right for you. As the name implies, Adjustable Rate Mortgages (ARMs) have interest rates that change at pre-determined frequency. Federally insured FHA ARMs are also available!

            Source: Signature Mortgage Corporation

If any of the aforementioned characteristics apply to you, then the 5 year home loan might just be the perfect home mortgage solution. While not quite as popular at the 15 or 30-year fixed loans, there are a number of benefits to a 5 year adjustable home loan that you may never have thought of before.

• Save thousands in payments vs. a fixed rate loan during the initial period.
• Use the savings to pay down other debt.
• Get a cash-out refinance and put even more money in your pocket.
• Great option if you intend to refinance or sell your home.
• Put as little as 5% down. (No PMI available)

Source: Signature Mortgage Corporation

Since homeowners throughout Cleveland and Detroit frequently come to Signature Mortgage Corporation for a better solution to their home loan issues, this Akron area company makes sure that each option is thoroughly explained. While you may have no previous knowledge of adjustable rate mortgages or hybrid ARMs, you can learn just how a 5/1 ARM loan can benefit you by visiting their website before talking to one of their knowledgeable mortgage bankers.

              Hybrid ARMs

              Hybrid ARMs are very popular, featuring an initial fixed-rate portion, which then changes to an adjustable rate for the remainder of the loan. They are typically represented as a 3/1, 5/1, 7/1, or               10/1. The first number indicates the time (in years) that the initial rate is fixed. The second number indicates how often the rate can adjust after the initial change.

              For example: 5/1 ARM

              Fixed rate for the first five years / followed by a rate adjustment once every year.

              Source: Signature Mortgage Corporation

This hybrid option allows you to get the benefits of both a fixed and adjustable rate mortgage. Depending on your income, future refinancing plans, and the length of time you expect to spend in your new home, this option may be your best bet. Signature Mortgage Corporation even answers one of the most commonly asked questions about the 5/1 ARM loan—what about interest rate caps?

              Interest Rate Caps

              What happens after the fixed-rate period ends? Once your loan enters its adjustable-rate period, interest rate caps are put in place. They identify the maximum amount your rate can increase, both at the end of each adjustment period, and over the life of the loan as a whole. 

Source: Signature Mortgage Corporation

If you’re interested to learn more about adjustable rate mortgages and hybrid ARMs, visit Signature Mortgage Corporation’s website at www.smcinc500.com. There you can find additional information about 5/1 ARM loans and how a 5 year home loan may suit you and your family. If you have any other questions for the experienced mortgage bankers at Signature Mortgage Corporation, just give this Akron, Ohio area company a call at 800.241.1996. They’ll be happy to work with you to find the home mortgage solution that works for your Detroit, Michigan or Cleveland, Ohio home.

Signature Mortgage Corporation
4790 Douglas Circle NW
Canton, Ohio
Ph: 800.241.1996