Adjustable Rate Mortgages
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Rates as of 12/6/2023
Adjustable Rate Mortgages
An adjustable rate mortgage or ARM, is a home loan that starts with a low fixed-interest rate for 3, 5, 7 or 10 years, followed by periodic rate adjustments. The Adjustable Rate Mortgage might be the right option for you. Rates are subject to change without notice.
| Product |
Points |
Interest Rate |
APR |
Payment per $1,000 |
Date |
| 3 Year / 6 month Adjustable Rate* |
0.000 |
6.000% |
7.971% |
$6.00 |
12/6/2023 |
| 5 Year / 6 month Adjustable Rate** |
0.000 |
6.500% |
7.855% |
$6.32 |
12/6/2023 |
| 7 Year / 6 month Adjustable Rate*** |
0.000 |
6.500% |
7.631% |
$6.32 |
12/6/2023 |
| 10 Year / 6 month Adjustable Rate**** |
0.000 |
6.625% |
7.449% |
$6.40 |
12/6/2023 |
The interest rate will remain fixed until the first bi-annual adjustment date and is subject to increase or decrease after consummation. Adjustments are based on an index based on a 30-day compounded average of SOFR (SOFR Index) plus a 3.00% margin. Information about the index is published by the Federal Reserve Bank of New York and can be found at https://www.newyorkfed.org/markets/reference-rates/sofr-averages-and-index . However, at no time will the Annual Percentage Rate (APR) ever be higher than 18.00% regardless of this index which is based on a 30-day compounded average of SOFR (SOFR Index) rate.
Rates at time of application are for illustrative purposes only, and are not locked at time of online submission. Please call for more details!
- Illustrated rates are for 1 - 4 Family Owner Occupied Residential Loans up to $726,200. Additional property eligibility requirements apply.
-
Annual Percentage Rates (APR) are based on $100,000 for conventional loans with a 20% down payment and no escrow waiver fees.
-
Any down payment less than 20% would require a monthly PMI (Private Mortgage Insurance) payment and is subject to approval.
- Maximum APR of 18.000%.
- All payments quoted do not include taxes and insurance and actual payment may be greater.
- The illustrated interest rate is for the initial fixed term (10, 7, 5, or 3 years) based on a $100,000.00 loan amount amortized over a 30 year life of loan term.
- Payment per $1,000.00 represents the monthly payment based on a $100,000.00 loan at the rate and term indicated.
- Subject to credit approval. Rates may also be impacted by other factors. Other terms and conditions may apply. Rates are subject to change without notice.
*********************************************************************************************************************************************************************************Repayment terms on the 3 Year/6 Month ARM with zero points are: 36 payments in the amount of $6.00 per $1,000 borrowed at an interest rate of 6.000%. Followed by 324 payments in the amount of $7.25 per $1,000 borrowed at an interest rate of 8.000% which represents the maximum interest rate at the time of the 1
st bi-annual adjustment. The minimum interest rate at the time of first bi-annual adjustment is 4.000% in the amount of $4.85 per $1000. The life of loan interest rate cap is 5.000% over the initial rate or 11.000% for this example. The life of loan interest rate floor is 3.00% .
**Repayment terms on the 5 Year/6 Month ARM with zero points are: 60 payments in the amount of $6.32 per $1,000 borrowed at an interest rate of 6.500%. Followed by 300 payments in the amount of $7.54 per $1,000 borrowed at an interest rate of 8.500% which represents the maximum interest rate at the time of the 1
st bi-annual adjustment. The minimum interest rate at the time of first bi-annual adjustment is 4.500% in the amount of $5.20 per $1000. The life of loan interest rate cap is 5.000% over the initial rate or 11.500 % for this example. The life of loan interest rate floor is 3.00%.
***Repayment terms on the 7 Year /6 Month ARM with zero points are: 84 payments in the amount of $6.32 per $1,000 borrowed at an interest rate of 6.500%. Followed by 276 payments in the amount of $9.34 per $1,000 borrowed at an interest rate of 11.500% which represents the maximum interest rate at the time of the 1
st bi-annual adjustment. The minimum interest rate at the time of first bi-annual adjustment is 3.000% in the amount of $4.54 per $1000. The life of loan interest rate cap is 5.000% over the initial rate or 11.500% for this example. The life of loan interest rate floor is 3.00%.
****Repayment terms on the 10 Year/6 Month ARM with zero points are: 120 payments in the amount of $6.40 per $1,000 borrowed at an interest rate of 6.625%. Followed 240 payments in the amount of $9.14 per $1,000 borrowed at an interest rate of 11.625% which represents the maximum interest rate at the time of the 1
st bi-annual adjustment. The minimum interest rate at the time of first bi-annual adjustment is 3.000% in the amount of $4.72 per $1000. The life of loan interest rate cap is 5.000% over the initial rate or 11.625% for this example. The life of loan interest rate floor is 3.00% .