Adjustable Rate Mortgage (ARM)
Adjustable-Rate Mortgage (ARM)
- Purchase, Refinance or Construction of 1-4 family housing units as a primary residence, second home or investment property.
- Manufactured Homes and Condominiums can be financed on this program.
- Choose from our Adjustable Rate programs; with 1/1, 3/1, 5/1 or 7/1 adjustment provisions with no prepayment penalty.
- Maximum loan amount is based on occupancy, property type and loan purpose.
- Maximum loan term is 30 years.
- Index established by the one year CMT as published weekly by the Federal Reserve. Rate may increase after consummation.
- Rate Caps: 2.0% annually and 6.0% lifetime on the 1/1 and 3/1 products; 2.0% annually and 5.0% lifetime on the 5/1 product; 2.0% annually and 5.0% lifetime on the 7/1.
- The adjustment margin is 3.0%.
- Private mortgage insurance required for loans above 80% LTV.
- Secondary financing is allowed under certain circumstances.
NOTE: All terms and conditions are subject to change without notice.
Need more information? Contact our Mortgage Loan Officers to discuss your options and let us help guide you through this process.