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5/1 Fixed ARM Period/Interest-only
A 5 year fixed adjustable rate interest only mortgage product has a fixed interest-only payment for the first 60 months. Like the 3/1 interest-only ARM, the 5 year fixed adjustable rate interest only mortgage then adjusts annually after the first 5 years. The interest rate for a 5 year fixed adjustable rate interest only mortgage is determined by an economic index (ask an Alerio representative which index is associated with your loan) and a margin, which remains fixed for the entire term of the loan. A 5 year fixed adjustable rate interest only mortgage will offer a similar premium as a 3/1 interest-only product, which is typically lower than a 30 year fixed, interest-only loan. As with all interest-only products, voluntary payments toward principal are accepted at any time during the interest-only period.
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