An ideal short-term mortgage financing option
While conventional fixed rate mortgages are popular, you also have the option to select an adjustable rate mortgage (ARM), which typically have a lower initial interest rate than a fixed rate mortgage option. With an ARM, your interest rate and monthly principal and interest (P&I) payments remain the same for an initial period, usually 5, 7, or 10 years, then adjust annually. ARMs also usually include an interest rate cap which limits how much your P&I payment may increase at each interest rate adjustment, as well as over the life of the loan. If you anticipate future income growth or if you plan to move or refinance within a few years, an ARM might be an option to consider.
- 5/1, 7/1, 10/1 ARMs available
- 1 Year LIBOR Index or 1 Year Treasury Index
- No Prepayment Penalties
- Conforming and Jumbo Loan Sizes
- Purchase and Refinance Programs
If you are interested in applying for an adjustable rate mortgage, click here to apply online.