An Adjustable Rate Mortgage may be a good choice if you:
Want to maximize your buying power
Want to keep your payments lower during the first few years of your loan
Plan to stay move into a different home within the next ten years
Plan to pay-off your mortgage within the next 10 years
If, in the coming years, you expect your income to increase significantly
Additional Disclosures
First-Time Home Buyer 5/1 ARM Best Choice If: You want a loan with: .
Very low initial payments
If you plan on staying in the home for 5 years or less and want to keep your payments low.
Advantages: Interest rate stays fixed for first 5 years. Adjusts annually thereafter
Modification to a fixed rate is available after 12 payments are made. Not available on investment properties.
Disadvantages: Interest rate and monthly payments will adjust in the future.
Interest rate can rise above the current fixed rates over time.
5/1 Year ARM 30 Year Best Choice If: You want a loan with: .
Very low initial payments
If you plan on staying in the home for 5 years or less and want to keep your payments low.
Advantages: Interest rate stays fixed for first 5 years. Adjusts annually thereafter
Modification to a fixed rate is available after 12 payments are made. Not available on investment properties.
Disadvantages: Interest rate and monthly payments will adjust in the future.
Interest rate can rise above the current fixed rates over time.
Sample Payment: Purchase Price: $125,000
Loan Amount: $100,000
5/1 Year ARM 15 Year Best Choice If: You want a loan with: .
Very low initial payments
If you plan on staying in the home for 5 years or less and want to keep your payments low.
Advantages: Interest rate stays fixed for first 5 years. Adjusts annually thereafter
Modification to a fixed rate is available after 12 payments are made. Not available on investment properties.
Disadvantages: Interest rate and monthly payments will adjust in the future.
Interest rate can rise above the current fixed rates over time.
7/1 Year ARM 30 Year Best Choice If: Low initial payments
You plan on paying off your home in 7 years or less.
You plan on staying in your home for 7 years or less
Advantages: Interest rate stays fixed for first 7 years. Adjusts annually thereafter
Modification to a fixed rate is available after 12 payments are made. Disadvantages: Interest rate and monthly payments will adjust in the future.
Interest rate can rise above the current fixed rates over time.
Sample Payment: Purchase Price: $125,000
Loan Amount: $100,000
10/1 Year ARM 30 Year Best Choice If: You want a loan with: .
Low initial payments
The benefits of both a Fixed and ARM product.
Advantages: Interest rate stays fixed for first 10 years. Adjusts annually thereafter
Modification to a fixed rate is available after 12 payments are made. Disadvantages: Interest rate and monthly payments adjust frequently.
Interest rate can rise above the current fixed rates over time.
Sample Payment: Purchase Price: $125,000
Loan Amount: $100,000
Non-Owner Occupied 5/1 Year ARM 15 Year Best Choice If: You want a loan with:
The title in your individual name (not in your business name)
Very low initial payments
If you plan on staying in the home for 5 years or less and want to keep your payments low.
Advantages: Interest rate stays fixed for first 5 years. Adjusts annually thereafter
Disadvantages: Interest rate and monthly payments will adjust in the future.
Interest rate can rise above the current fixed rates over time.
Mortgage Rates
The Loan Consultant feature determines the products and rates that match your needs.
Find Rates Ready to Start? To apply for your easy online loan, all you have to do is answer a few simple questions about yourself, your property and your income, debts and assets.
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