Traditional ARMs (Adjustable Rate Mortgages)
Our Traditional ARMs offer you all the features of a fixed-rate loan combined with the value of an adjustable rate mortgage. Start with an initial low fixed rate for 1, 3, 5, 7 or 10 years. The rate will adjust annually. Periodic rate caps determine the maximum allowable increase or decrease when the rate changes, and a lifetime cap determines the maximum allowable increase in rate over the life of the loan.
- Gives you set payments for a specific period of time
- Low qualifying rates
- Affordable home financing
Consider a Traditional ARM if:
- You want the stability of a low fixed rate for a set period of time.
- You prefer to keep extra cash on-hand for investing or other needs.
- You're looking for a fully-amortizing product.
- You intend to stay in the home for 5 years or less.
- 15 and 30 year terms: Fixed Interest rate and monthly loan payments over the life of your loan.
- 30 year fixed rate loan due in 7 with a rate lower than a 30 year fixed rate loan. The loan balance is due at the end of the 7th year as a balloon payment, At that time you have the option to refinance the remaining 23 years or pay the balance.