Adjustable Rate Mortgage (ARM)
Achieve lower payments with greater flexibility.
Benefits:
- Rates1 are typically lower than fixed rate home loans
- 1, 3, 5 or 7 year terms with payments based on 30 year amortization
- Maximum rate increase of 2% per year, 6% during the life of the loan2
- Up to $1,000,00
Consider an ARM loan if:
- Your plan is to be in your home less than ten years.
- You expect stable or declining interest rates during the term of your loan.
- You value lower initial monthly payments and feel comfortable with a variable interest rate.
ARMs require 5% down payment. Adjustment could occur after initial term.1 Adjustment is based on 1 Year T-Bill plus margin of 2.75% - 2 caps 2% and 6%. No conversion option. 5 Year ARM - 97% Purchase available for First-Time Buyers where we waive all closing costs.