Adjustable Rate Mortgage (ARM)
Do you like the thought of getting the lowest rates we offer?
Here’s how it works:
Interest Rate is fixed for the first five years.
Rate may adjust up or down depending on market conditions every year thereafter
Rate adjustments are capped at 2% annually
Rate adjustments are capped 6% above the initial rate over the life of the loan
No prepayment penalties
The ARM may work for you if you answer yes to any of these questions.
Do you want the lowest mortgage rate available?
Do you plan to move or refinance in the next 5 years?
Do you want to (significantly) reduce your monthly mortgage payment?
Some restrictions may apply.
