Prefer to talk in person? Find a mortgage specialist on Zillow
Profile picture for robertgthomas

Are any lenders offering 7/1 ARMs these days for well qualified borrowers?

  • March 16 2014 - San Diego
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (16)

Yes, I have that available. I have the 3, 5, 7, and 10 Years ARM. I also have this available as an interest only loan if your choose. We have a few options if you need some help.
 
  • April 09 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Adding to what Tracy posted below, the 7/1 is often the easiest loan for qualifying now.  That is because of the recent changes in applying a "qualifying" rate and payment, according to the Dodd/Frank rules.   The 7/1 uses the actual start rate.  3/1, 5/1 and interest only loans, although lower in actual rate and/or payment, have qualifying rates and payments higher than  the 7/1.  You can get a 7/1 for about 0.875% to 1% lower than a 30 year fixed.  

Most lenders use the 1 year LIBOR index with a margin typically of 2.25%, and life caps of 5% over the start rate.  When you see something like:  5/2/5 for the caps, it means that the rate can change up to 5% over the start rate at the first adjustment in 7 years, and 2% up or down yearly after that, but always subject to an absolute maximum of 5% over the start rate. LIBOR is currently 0.56%, and at a historically very low point.  Loans adjusting now, go to 2.750% (2.25 margin +0.56, rounded to nearest 0.125) But most believe that this index will be higher in 7 years.
  • March 26 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

We do.. We also offer 3/1 5/1 and 10/1. They are available interest only as well.
  • March 20 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I have found www.Bankrates.com and also www.bankrate.com to be good places to find the best rates in your area. Just go there and see what is the best available rate for you. I checked right now with your criteria and assumed that you have very good credit and live in San Diego and the best rate that came out for 7/1 arm was from capital one for 2.919% and your approximate monthly payment of $1980. Good luck in your purchase.
  • March 19 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Yes. The 7/1 ARM has actually become very popular lately because it offers very good rates and easier qualifying than shorter term ARM's because nothing has to be added to the rate. The qualifications are pretty much in line with a 30 year fixed. The key for you is to get in touch with a Mortgage Professional that is a direct Seller & Servicer to both Fannie & Freddie - better rates and no overlays - underwriting is directly off of their system findings so it can go pretty smoothly. If you have any additional questions, you can contact me through my profile. All the best to you!
  • March 18 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for CA Direct Lending
To find the best rate, click on the Mortgage Rates tab above and enter your loan scenario.  You'll see a list of lenders ranked by interest rate as well as see their ratings and read reviews from past clients. 
  • March 17 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Yes, there are lenders that offer this option along with other options as well. Along with 7/1 ARMS there are also 3, 5 and 10. I recommend that you look into all these loan options and decide which one fits best for your situation. So the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • March 17 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Yes most lenders are offering them. Call or email me if you'd like a referral :)
  • March 17 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Mr Thomas,

Many lenders offer 3/5/7/10 year ARMS which are most commonly indexed against the LIBOR.  Rates are typically much better than fixed, but without any information from you i.e. credit, etc it is tough to solidify an definitive quote for rate/price.  I hope this helps!

S/F,
Andrew Lippert
  • March 17 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

7/1 ARMS are pricing really low right now, about .5-.75% cheaper than fixed rates. You have a lot of lenders in your area. Make sure you call a large broker so you get all your options
  • March 17 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for GMerino

Submit a quote and I am sure you will get a few.

  • March 16 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for robertgthomas
Great. What are the rates and spread these days for a 7/1 loan for $385k; inoother words $485000 purchase with $100k down payment? Also what is the most common index used today?
  • March 16 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for daveskow
robert ….yes  7 yr arm is mainstream program for  all borrowers 
  • March 16 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Yes, most lenders offer 7/1 ARMs.
  • March 16 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

A lender told me yesterday they had a 15 year ARM available.
  • March 16 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

3-5-7 & 10/1 ARMS are available.
  • March 16 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.