Adjustable Rate Mortgages

The interest rate of an adjustable-rate mortgage (ARM) changes at predetermined intervals based on fluctuations in market interest rates.

Is Adjustable Rate Mortgage Right For You?

• Do you want to significantly reduce the cost of your mortgage?
• Do you plan to move or refinance in the next 5 or 7 years?
• Do you want the lowest rate available?

If you answered “Yes” to any of these questions, an ARM might be right for you! With our Adjustable Rate Mortgage, you’ll can get the lowest rates offered, saving you thousands over a traditional Fixed Rate Mortgage, during the initial fixed rate period.

To moderate extreme fluctuations, ARMs have adjustment caps, which limit the amount an interest rate can change within a given time period.

Adjustable Rate Mortgages have a loan term of 30-years, with a fixed introductory period ranging from 6 months to 10 years. Many borrowers choose a shorter fixed introductory period to obtain a lower rate for the length of that period. In most cases, the introductory period matches the borrower's time horizon for carrying the mortgage, which means the mortgage will be refinanced or the property will be sold prior to the end of the introductory period. After the initial fixed period, it will convert to an adjustable rate mortgage and the interest rate will adjust according to fluctuations in the market.

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