Adjustable Rate Mortgages (ARMs)
An Adjustable Rate Mortgage is 30-year mortgage with a short-term fixed rate period in the beginning. Your rate remains fixed during the first few years of your loan, as does your payment amount. After the initial fixed rate period is over, the rate could adjust annually.
Benefits of an adjustable rate mortgage:
- low monthly payments
- greater purchasing power
- stability of a fixed rate term for a specific period
If you anticipate your income will be increasing in the future or if you plan on staying in your home for seven years or less, an Adjustable Rate Mortgage (ARM) may be a great option for you.
|
30-Year Mortgage |
| Availability |
1-year, 3-year, 5-year, 7-year fixed rate for the initial then adusts annually thereafter. |
| Pre-payment penalty |
N/A |
| Options |
No Cost
|
| Property limitations |
California, Nevada, Oregon, Washington, and Arizona properties: primary residences, second or vacation homes, and investment properties |
More about the options:
No Cost Loans
A "No Cost" version of this loan would require no lender closing costs to establish the loan.
Rates and terms subject to change without notice. Additional conditions may apply.