Get the benefits of a lower rate with an Adjustable Rate Mortgage
If you're looking for a lower rate and don’t mind if your payment changes during the life of the loan, an Adjustable Rate Mortgage might be right for you.
Adjustable rate mortgages feature an interest rate that is lower than fixed rates for a period of time, allowing you to save while maximizing your purchasing power. The rate may then change annually based on a specified index rate.
ARMs are an attractive option if you:
- Expect a significant increase in your income in upcoming years
- Are not planning to live in your new home for long
- Expect interest rates to fall, in which case your payments will automatically be lowered, with no need for refinancing and the associated costs
If you're looking for a lower rate and don’t mind if your payment changes during the life of the loan, an Adjustable Rate Mortgage might be right for you.
How much will my adjustable rate mortgage payments be?
We offer a wide range of ARMs including:
| ARM Product | Feature |
|---|---|
| 1 year ARM | The rate* on this loan may change every year. |
| 3/1 ARM | This loan has a fixed rate* for the first 3 years and then may change every year thereafter. This loan is attractive to those borrowers who want a lower rate than the fixed loans offer or who believe that interest rates may drop over the next 3 years. |
| 5/1 ARM | This loan has a fixed rate* for the first 5 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. |
| 10/1 ARM | This loan has a fixed rate* for the first 10 years and then may change every year thereafter. |
Talk to a Mortgage Specialist
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