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 initial fixed term of your loan
Plan to stay move into a different home within the next 10-15 years
Plan to pay-off your mortgage within the next 10-15 years
If, in the coming years, you expect your income to increase significantly
Our Loan Consultant can find the loan that's right for you and give you quotes on current interest rates and closing costs. Or, select the specific loan program that interests you to learn more about those loan programs.
30 Yr 5/1 ARM
Best Choice If:You prefer the initial lower payment and don't mind taking the risk of the interest rate increasing in the future. You only plan to stay in the home for 4-5 years. You don't mind the interest rate changing annually.
Advantages:The adjustable rate mortgage (ARM) offers an initial interest rate that is lower than that of a fixed rate loan. If you anticipate your income will be increasing in the future or you plan on staying in your home for five years or less, an adjustable rate mortgage may be just what you're looking for! Like all the loan programs we offer, there is no prepayment penalty - you can make extra payments monthly or pay off the loan early without penalties or fees.
Disadvantages:Our 5-year adjustable rate mortgage offers a fixed interest rate for the first five years of the loan. After that the interest rate can increase or decrease up to 2% per year, with a lifetime cap of 5%. These rate increases are based on a margin and an Constant Maturity Treasury and the margin we use is 2.75%.
30 Yr 15/15 ARM
Best Choice If:You are a savvy member who loves low interest rates and low closing costs!
Advantages:Lower Initial Start Rate than fixed (for first 15 years!) and often with less closing costs - vs. our Base 15 Yr Fixed Product. Our 15 Year adjustable rate mortgage offers a fixed interest rate for the first 15 years of the loan.
Disadvantages:After year 15, the interest rate can increase or decrease once, up to 5%.
Sample Payment:Payments are fully-amortizing and the interest rate change is based on a margin and an index. The index we use is the Ten Year Constant Maturity Treasury and the margin we use is 2.75%.
30 Yr 5/5 ARM
Best Choice If:You prefer the initial lower payment and don't mind taking the risk of the interest rate increasing in the future. You don't mind the interest rate changing every 5 years.
Advantages:The adjustable rate mortgage (ARM) offers an initial interest rate that is lower than that of a fixed rate loan. If you anticipate your income will be increasing in the future, an adjustable rate mortgage may be just what you're looking for! Like all the loan programs we offer, there is no prepayment penalty - you can make extra payments monthly or pay off the loan early without penalties or fees.
Disadvantages:Our 5-year adjustable rate mortgage offers a fixed interest rate for the first five years of the loan. After that the interest rate can increase or decrease up to 2% every 5 years, with a lifetime cap of 5%. These rate increases are based on a margin and an index. The index we use is the Five Year Constant Maturity Treasury and the margin we use is 2.50%.
30 Yr 7/7 ARM
Best Choice If:You prefer the initial lower payment and don't mind taking the risk of the interest rate increasing in the future. You don't mind the interest rate changing every 7 years.
Advantages:The adjustable rate mortgage (ARM) offers an initial interest rate that is lower than that of a fixed rate loan. If you anticipate your income will be increasing in the future, an adjustable rate mortgage may be just what you're looking for! Like all the loan programs we offer, there is no prepayment penalty - you can make extra payments monthly or pay off the loan early without penalties or fees.
Disadvantages:Our 7-year adjustable rate mortgage offers a fixed interest rate for the first seven years of the loan. After that the interest rate can increase or decrease up to 2% every 7 years, with a lifetime cap of 5%. These rate increases are based on a margin and an index. The index we use is the Seven Year Constant Maturity Treasury and the margin we use is 2.50%.
30 Yr 7/1 ARM
Best Choice If:You prefer the initial lower payment and don't mind taking the risk of the interest rate increasing in the future. You only plan to stay in the home for 6-7 years. You don't mind the interest rate changing annually.
Advantages:he adjustable rate mortgage (ARM) offers an initial interest rate that is lower than that of a fixed rate loan. If you anticipate your income will be increasing in the future or you plan on staying in your home for five years or less, an adjustable rate mortgage may be just what you're looking for! Like all the loan programs we offer, there is no prepayment penalty - you can make extra payments monthly or pay off the loan early without penalties or fees.
Disadvantages:Our 7-year adjustable rate mortgage offers a fixed interest rate for the first seven years of the loan. After the seven year fixed rate period, the interest rate can increase or decrease up to 5%, and every year after that at a maximum of 2% per year. The lifetime cap is 5%. These rate increases are based on a margin and an index. The index we use is the One Year Constant Maturity Treasury and the margin we use is 2.75%.
30 Yr 5/1 ARM 90% Cash Out
Best Choice If:You would like to use your equity to do Home Improvements, Debt Consolidation or to combine a First and Second Mortgage into one payment. You only plan to stay in the home for 4-5 years.
Advantages:You prefer the initial lower payment and don't mind taking the risk of the interest rate increasing in the future.
Disadvantages:After Initial 5 years of a fixed payment the interest rate will change annually.
30 Yr 15/15 ARM 90% Cash Out
Best Choice If:You would like to use your equity to do Home Improvements, Debt Consolidation or to combine a First and Second Mortgage into one payment.
Advantages:Lower Initial Start Rate than fixed (for first 15 years!) and often with less closing costs - vs. our Base 15 Yr Fixed Product. You can access additional equity (up to 95% of appraised value) vs. our normal 80% maximum on our standard conventional mortgage products.
Disadvantages:Our 15-year adjustable rate mortgage offers a fixed interest rate for the first fifteen years of the loan. After year 15, the interest rate can increase or decrease, up to 5%. The rate change is based on a margin and an index. The index we use is the Ten Year Constant Maturity Treasury and the margin we use is 2.75%.
30 Yr 5/5 ARM 90% Cash Out
Best Choice If:You would like to use your equity to do Home Improvements, Debt Consolidation or to combine a First and Second Mortgage into one payment.
Advantages:You prefer the initial lower payment and don't mind taking the risk of the interest rate increasing in the future.
Disadvantages:You don't mind the interest rate changing every 5 years.
30 Yr 7/7 ARM 90% Cash Out
Best Choice If:You would like to use your equity to do Home Improvements, Debt Consolidation or to combine a First and Second Mortgage into one payment.
Advantages:You prefer the initial lower payment and don't mind taking the risk of the interest rate increasing in the future.
Disadvantages:You don't mind the interest rate changing every 7 years.
30 Yr 7/1 ARM 90% Cash Out
Best Choice If:You would like to use your equity to do Home Improvements, Debt Consolidation or to combine a First and Second Mortgage into one payment. You only plan to stay in the home for 6-7 years.
Advantages:You prefer the initial lower payment and don't mind taking the risk of the interest rate increasing in the future.
Disadvantages:After the seven year fixed rate period, the interest rate can increase or decrease up to 5%, and every year after that at a maximum of 2% per year.
Mortgage Rates
The Loan Consultant feature determines the products and rates that match your needs.
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