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Adjustable Rate Mortgages

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.
  • 3/1 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 3 years or less and want to keep your payments low.
  • Payments that adjust up and down with market movements.
  • Advantages:

  • Interest rate stays fixed for first 3 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 adjust annually after year three.
  • Interest rate can rise above the current fixed rates over time.
  • Sample Payment:

    Purchase Price: $125,000 Loan Amount: $100,000

    2/2 Year ARM 30 Year

    Best Choice If:

    You want a loan with:
  • Very low initial payments.
  • Payments that adjust up and down with market movements.
  • Advantages:

  • Interest rate stays fixed for first 2 years. Adjusts every 2 years thereafter
  • Modification to a fixed rate is available after 12 payments are made. Not available on investment properties.
  • Disadvantages:

  • Interest rate and monthly payments adjust annually.
  • Interest rate can rise above the current fixed rates over time.
  • Sample Payment:

    Purchase Price: $125,000 Loan Amount: $100,000

    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. 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

    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. Not available on investment properties.
  • 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

    1 Year ARM 30 Year

    Best Choice If:

    You want a loan with: .
  • Very low initial payments.
  • Payments that adjust up and down with market movements.
  • Advantages:

  • Low initial rate and payment. No origination fees. No application fees.
  • Modification to a fixed rate is available after 12 payments are made. Not available on investment properties.
  • Disadvantages:

  • Interest rate and monthly payments adjust annually.
  • 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.

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