What is a LIBOR ARM?

A LIBOR ARM mortgage is an Adjustable Rate Mortgage (ARM) that adjusts based on a specified LIBOR index.  LIBOR stands for "London Interbank Offered Rate", which is the interest rate offered by many London Banks for dollar deposits.  These deposits (and thus the indexes) are generally 1, 3, 6 or 12 months.

LIBOR ARMs can have an initial fixed period as short as 1 month to as longs as 10 years.  Generally, if your initial rate is fixed for more than 6 months (for example, 3, 5, or 7 years), the rate will then adjust after this period either every subsequent 6 months or 12 months.

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What we offer:

  • Lowest Possible Rates,  - with over 2000 loan products available and large production volume we are given wholesale pricing incentives to pass on to you.
  • Unparalleled Service - At 1st City Mortgage Group we underwrite and fund our own loans, and we prepare documents in-house as well.  This gives us complete control over the mortgage process.

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