Adjustable Rate Mortgage (ARM)

    Adjustable-rate mortgages have interest rates that change periodically based on your loan’s financial rate index. They can be a good choice if you plan to move before the end of the initial fixed-rate period or want an initial payment that is lower than alternative fixed-rate mortgages. 

     

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    Purchase: 7/1 Adjustable Rate Mortgage (ARM)

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    Loan Type Loan Type Interest Rate APR Discount Points Ex: Loan Amount Ex: Monthly Payment - 7 years Ex: Monthly Payment - 23 years
    7/1 ARM 6.250%, first 7 years; then 1 year CMT + 3.00 adjusted annually for years 8-30 6.871% 0.000 $300,000 $1,847.15 $2,771.00 maximum P&I payment over the remaining 23 years

    Interest Rates Effective: 03/23/2023

    Revised: 12/22/2022

    Rates listed are for primary residence in single family home with a 25% down payment and borrower credit score of 740. Loan terms include an initial 7-year fixed P&I payment. After the initial fixed period, your P&I payment & interest rate adjusts annually based on the 1-year Constant Maturity Treasury (CMT) index plus a 3.00% margin (fully indexed rate) for the remaining term of the loan, the interest and payments may increase.  Interest rate caps over the start rate are 5% initial, 2% subsequent and 5% lifetime. APR (Annual Percentage Rate) is based on loan amount and interest rate and may increase after loan consummation. Example monthly payments quoted include principal and interest only. Actual payments may be higher if they include taxes and insurance. Rates, terms, and fees are subject to change without notice. Subject to credit approval. Ask us about additional available loan programs. 

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