Caliber Home Loans Introduces New ARM Offering – NMP
Industry News

Caliber Home Loans Introduces New ARM Offering

Sep 21, 2017
Caliber Home Loans Inc. has introduced its newest portfolio loan product, Caliber Elite Access

Caliber Home Loans Inc. has announced the introduction of a new 5/5 adjustable-rate mortgage (ARM) product to homebuyers, the Caliber 5-Star ARM. The Caliber 5-Star ARM incorporates a lower initial interest rate–the main reason homeowners choose ARMs–with a longer, five-year period between rate adjustments. Unlike other ARM products with annual rate adjustments, Caliber's 5-Star ARM has only one every five years.
 
Limited rate changes are also built into the Caliber 5-Star ARM. Each five-year adjustment is limited to two percent, but can never increase more than six percent from the initial interest rate. Since rates can also decrease, Caliber 5-Star ARM borrowers may have five years of lower payments.
 
"We are delighted to offer loans for a wider range of buyers, including Millennials and first-time buyers,” said Caliber's Executive Vice President of Retail Lending John Bianchi. “The Caliber 5/5 ARM is a great solution for homebuyers who don't want to commit to a 30-year fixed-rate loan, but want a lower starter rate. We look forward to continuing to address the unique financing needs of homeowners across the country."
 
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Sep 21, 2017
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