Adjustable-Rate Mortgages (ARMs)

    • Do you plan to relocate in less than 10 years?
    • Do you plan to pay off your mortgage in 10 years or less?
    • Do you want to take cash out of your home's equity but maintain a low monthly payment?

    If you answered “yes” to any of these questions, an adjustable-rate mortgage might be right for you! 

    Adjustable-Rate Mortgage Features

    • 5, 7, or 10-year fixed-rate introductory periods available.  
    • Purchase with as little as 5% down or refinance up to 95% of value (using private mortgage insurance).
    • Loan amounts from $40,000 to $726,200.

    How an Adjustable-Rate Mortgage Works

    • ARMs are mortgages with two phases: an initial fixed-rate period, followed by a period in which the interest rate on your loan will adjust according to market fluctuations.
    • Your principal and interest payment will not change during the fixed-rate introductory period.
    • The interest rate after the introductory period will adjust (up or down) based on the index, which is based on market conditions, and your loan's margin, which is a percentage added to the rate by your lender.  
    • ARM rates are generally capped in several different ways.  Ask your lender for more information!


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