Adjustable-rate mortgage (ARM)
An adjustable-rate mortgage carries a lower fixed rate at the start of the loan, then adjusts with market interest rates over time. Homebuyers looking for a starter home or who need the flexibility of lower mortgage payments at the start of their loan may benefit from an ARM.
Apply online, through a branch or call us at 877-536-3286.
Enjoy more affordable payments at the start of the loan
More affordable interest rate and monthly payment at the start of your loan
Fixed for 5, 7, or 10 years, then subject to fluctuation every 6 months
Helpful if you expect shorter-term ownership or for interest rates to go down
Benefits of an adjustable-rate mortgage
A lower interest rate and monthly payment at the start of the loan can help first-time homeowners, buyers who don’t expect to stay in the home for long or those who expect their income to rise in the future.
- The interest rate on ARM loans is fixed for an initial period (usually 5, 7, or 10 years) and then will be subject to adjustment annually depending on changes to the chosen financial index.
- Lower starting interest rate can make initial monthly payments more affordable.
- Rates are based on market variables, so after the fixed interest rate period your rate could go up or down.
- ARM loans can be used for a home purchase or to refinance.
- Loan amount can be up to 100% of the home’s value, depending on product.
- Options may be available for borrowers without a credit score or who have a non-traditional credit history.
Learn more about mortgage options when you apply online or speak to a Mortgage Loan Officer.
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