Adjustable Rate Mortgage (ARM)
Get initial low rates that adjust over time.
Attractive initial rates can help you save money
Our ARMs can provide a financial edge when you're buying or refinancing a home.
Fixed interest rate for a period of time before adjusting
Rate caps help limit monthly payment increases
10/1 and 7/1 ARMs
When you're looking for financing for your first or next home, an adjustable-rate mortgage might be a good place to begin. Monthly payments are lower than a traditional, fixed-rate mortgage for the first 3 to 10 years. After that, the rate will be adjusted periodically until the 30-year loan is paid off. No matter if the rates go up or down, the initial savings will give a big boost to your finances, whether you’re raising kids or saving for retirement.
- Choose from two options – a 10/1 or 7/1 ARM
- ARMs are a good option for families who expect their incomes to grow over time or who expect to move before the initial fixed rate period ends
- When the fixed rate period ends, the rates go up or down based on the movement of a pre-selected financial index
- Annual and lifetime interest rate caps keep monthly payments reasonable
Ready to connect with an expert?
Contact your Atlantic Union Bank Mortgage Loan Officer or choose an option below.
Disclosures
This is not a commitment to lend or extend credit. All loans, credit and collateral are subject to approvals. Terms, rates, data, programs, information and conditions are subject to change without notice. Not all loans or products are available in all states. Specific program restrictions may apply, so please consult your dedicated Mortgage Loan Officer for complete details.
Payment example: on a $250,000 home with 80% financing and a 10/1 ARM loan at 6.50%, the monthly payment would be $1,264.14. The Annual Percentage Rate (APR) would be 6.671%. This example does not include an escrow account for taxes and hazard insurance. Actual payment obligation will be greater if an escrow account is established. After the initial 10-year fixed period, your rate can increase a maximum of 5 percentage points, 2 percentage points at each subsequent adjustment and never more than 5 percentage points above the initial rate over the lifetime of the loan.
Payment example: on a $250,000 home with 80% financing and a 7/1 ARM loan at 6.50%, the monthly payment would be $1,264.14. The Annual Percentage Rate (APR) would be 6.671%. This example does not include an escrow account for taxes and hazard insurance. Actual payment obligation will be greater if an escrow account is established. After the initial 7-year fixed period, your rate can increase a maximum of 5 percentage points, 2 percentage points at each subsequent adjustment and never more than 5 percentage points above the initial rate over the lifetime of the loan.
Additional resources
How else can we help?
Better Customer Support Starts Here
Not sure where to start? We can guide you in the right direction.