Fannie May Florida

Fixed Rate Programs -

Fixed rate mortgage programs can be used for home purchase or refinance and are one of the most popular mortgage products on the market today.

• fixed interest rate for the term of the mortgage
• 15, 30, & 40 year terms

Fannie Mae Adjustable Rate Mortgages (ARMS) -

ARMS (Adjustable Rate Mortgages) provide homeowners a lower upfront payment and when it adjusts, if the current rates are lower, they would not have to refinance. However if the rates are higher when the mortgage adjusts the payment would increase. Typically these mortgages are for people who do not plan on staying in the home more than a few years.

3/1, 5/1, 7/1, & 10/1 ARMS -Are either 30 or 40 year mortgages and provide a fixed rate for the first 3, 5, 7 or 10 years. After this time is up the mortgage would adjust to current markets rates annually.

Convertible ARMS - Is a feature that allows you to convert after the adjustment period in to a fixed rate with having to refinance.

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