· Do you want to significantly reduce the cost of your mortgage?
· Do you plan to move or refinance in the next 5, 7 or 10 years?
· Do you want the lowest mortgage rate available?
If you answered “Yes” to any of these questions, an Adjustable Rate Mortgage might be right for you! Whether you choose the Adjustable 5 Mortgage, the Adjustable 7 Mortgage or the Adjustable 10 Mortgage, you’ll get the lowest rate we offer and save thousands over a traditional fixed-rate mortgage during the initial fixed-rate period. Afterwards, the rate may change once per year.
The Adjustable Mortgage qualification requirements
· Refinance up to 90% of your primary home’s value
· Buy a home with as little as 10% down (primary home)
How an Adjustable Mortgage works
· The Adjustable Mortgage is an adjustable rate mortgage (ARM). Interest rates are fixed for a period of 5, 7 or 10 years. After the fixed-rate period, your interest rate may change once per year – either up or down depending on market conditions.
· Rate changes are capped at 5% above your initial fixed rate and 2% or 5% per adjustment period, which means you’re protected. For example: if your initial interest rate is 2.99%, your rate will never be higher than 7.99%, and will never rise more than 2% per year – after the fixed-rate period.
· Your actual payment will vary based on your situation and the current interest rates when you apply.
· You can pay your mortgage at any time without prepayment penalties.
· FHA and VA ARMs are also available for those that want the flexible guidelines of an FHA or VA loan
Learn more about adjustable rate mortgages
· Know Your Mortgage: Adjustable Rate Mortgage