ARMs start off with a fixed rate for a predetermined period, then adjust twice a year—higher or lower depending on the market at the time. This option may be ideal if you only plan to live in the home for a few years, expect interest rates to remain the same, or expect to have an increase in income.
10-Year ARM
For the borrower who thinks they might move within 10 years, or who just wants a loan rate locked in for 10 years, the 10-year ARM is an excellent option. With our 10‑year ARM, your payments are based on a 30-year term to keep them affordable, but your low rate is locked for 10 years!
Benefits:
- Lower rate
- Lower payment with the 30-year-term as the payments are amortized over the longer period and thus affordable—providing you flexibility within your budget.
- Locked rate for 10 years, providing you the security of a fixed payment for a longer time than other ARMs.
We also offer 7-year and 5-year ARMs to meet your unique lending needs.
*Rates are determined by an evaluation of the applicant’s credit, loan term and loan-to-value (LTV). Minimum down payment of 5% required. Payments do not include amounts for taxes, insurance premiums or private mortgage insurance (PMI) , if applicable, actual payment obligation will be greater. Property and flood insurance may be required. Other restrictions may apply.