KEY BENEFITS
- 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.