Our Adjustable Rate Mortgage, or ARM, features an interest rate that remains fixed for a period of time and then adjusts annually based on a preselected index, causing interest rates and payments to rise and fall with the market.
An ARM features an interest rate and payments that are generally lower than comparable fixed rate mortgage loans for a period of time and then may go lower or higher periodically according to an index.
ARMs may offer additional savings through changes in interest rates.
1-4 Unit purchase or refinance transactions available on primary, second, and investment occupancy.
Conventional Adjustable Rate Mortgage Loans available for First Time Home Buyers, Existing Homeowners, and Construction/Rehab loans.
Private Mortgage Insurance required for mortgage loans over 80% Loan-to-value. Subject to underwriting approval.
We offer the following range of ARM Products
*10-1 ARM – This loan has a fixed rate for the first 10 years and then may change every year thereafter.
*7-1 ARM – This loan has a fixed rate for the first 7 years and then may change every year thereafter.
*5-1 ARM - This loan has a fixed rate for the first 5 years and then may change every year thereafter.
*The initial interest rate is fixed for a period of time and then may increase or decrease with movements in the index rate specified in the promissory note. Generally, interest rate increases result in higher monthly payments.
Let’s work together to find the right mortgage solution for you.