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Adjustable Rate Mortgage (ARM)

Get off to a good start

Attractive initial rates can help you save money

Our ARM can provide a financial edge when you're buying or refinancing a home.

An adjustable-rate mortgage might be a good place to start. 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. Whether it goes down or up, the initial savings will give a big boost to your finances, whether you’re raising kids or saving for retirement.

  • Choose from three options – a 10/1, 7/1, 5/1 and 3/1 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 fixed rate periods end, 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

Representative example of a 10 year Adjustable-Rate Mortgage with 80% Financing: A down payment of twenty percent (20%) of the purchase price or appraised value (whichever is lower) may be required. The initial payment on a $100,000 10-year Adjustable-Rate Mortgage is 3.50% at 80% loan-to-value (LTV) is $449.04. The Annual Percentage Rate (APR) is 3.70%. After the initial 10-year fixed-rate period, your interest rate can change annually and is subject to an initial interest rate cap of 5.00%, and annual rate cap of 2.00% and a lifetime cap of 5.00%. Loan is amortized over 30 years. 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.

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