Loan and Mortgage Options


Adjustable Rate Mortgage (ARM)

Adjustable Rate Mortgage (ARM) offers lower interest rates for a period of time after which the rate adjusts, usually annually, based on the terms of the loan. Adjustable Rate Mortgage terms are usually 3-year, 5-year, 7-year & 10-year.This type of mortgage may be right for you if you:

  • plan to refinance or move in a few years
  • want lower payments at the beginning of the loan term, (especially if you expect your income to increase)
  • do not qualify for the fixed rate mortgage because you do not have enough income

Below are some example scenarios only – not credit approval or a commitment to lend*

3 Year
5 Year
7 Year
10 Year
Loan Amount
$200, 000
$200, 000
$200, 000
$200, 000
Down Payment
20%
20%
20%
20%
Origination Fee
1%
1%
1%
1%
Points
$0
$0
$0
$0
Rate
2.625%
2.875%
3.25%
3.75%
APR
2.70%
2.952%
3.329%
3.831%
Payment
$803
$829
$870
$926

 

*Interest rates and APRs are based on current market rates and are for informational purposes only. Rates are subject to change without notice and may be subject to increase based on property type, loan amount, loan-to-value, credit score and other variables. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. Adjustable-rate mortgage (ARM) rates and payments assume no increase in the financial index after the initial fixed period of the loan. ARM rates and monthly payments are subject to increase after the initial fixed period. Please contact us for more information.



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