Detroit Home Loans: Best 7/1 ARM Rates
Just like fixed rate mortgages, there are a variety of adjustable rate mortgages with different conditions and term length. If you find yourself interested in ARMs in your research of Detroit home loans, you should take care to investigate interest rates across various terms. Lenders in the Detroit area may be offering rate specials on certain types of adjustable rate mortgages and the only way you’ll know is by looking.
One of the more common types of adjustable rate mortgage is the 7/1 ARM. Below are the lowest rates in the city today for this type of loan.
Best 7/1 ARM Rates in Detroit, MI
- AimLoan.com: 3.104% APR
- EverBank: 3.184% APR
- Comerica Bank: 3.298% APR
- First Place Bank: 3.397% APR
- WCS Lending: 3.436% APR
These rates are accurate as of May 18, 2011 and are based on a principal loan amount of $300,000. Rates are subject to change at any time and you may be offered a different rate based on your credit profile. Please contact the individual lender to verify rates before applying for a loan.
