At least two financial institutions brought back adjustable-rate mortgage (ARM) products this week amid surging mortgage rates and double-digit home price growth.
Michigan-based wholesale lender Homepoint rolled out a jumbo ARM product offering a maximum loan amount as much as $2.5 million, with a maximum loan-to-value ratio of 80%. Homepoint’s jumbo ARMs have a seven- or 10-year fixed-rate period and the loan adjusts every six months, according to Homepoint.
Credit Union of Southern California’s interest-only ARMs, in which the borrower delays paying down any principal for a period of time, are now available as purchase or refinance loans. details ⇒
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