Adjustable Rate Mortgages offer one of the lowest initial rates possible. These mortgages offer a lower rate during a designated initial time period and then once the period is over, the interest rate may increase or decrease within the guidelines of the established caps.

 

 

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Rates as of Wednesday, February 22, 2012
Points	Interest Rate	Annual Percentage Rate	Payment per $1,000	Payments	Apply
3 Year / 1 Year Adjustable Rate (3 year fixed rate to 1 year adjustable thereafter) 30 Year
0.000	2.875%	2.996%	$4.15	Show Payments and Rates
5 Year / 1 Year Adjustable Rate (5 year fixed rate to 1 year adjustable thereafter) 30 Year
0.000	3.000%	3.034%	$4.22	Show Payments and Rates

The rate will remain fixed until the first adjustment date and are subject to increase or decrease after consummation. Adjustments based on the 1 year US Treasury weekly constant plus a 2.75% margin.  However, at no time will your rate ever be higher than 18.00% regardless of the 1 year US Treasury rate.

Rates at time of application are for illustrative purposes only, and are not locked at time of online application submission.  Please call for more details! Illustrated rates are for 1 - 4 Family Owner Occupied Residential Loans up to $500,000. Annual Percentage Rates (APR) are based on $100,000 for conventional loans with a 20% down payment. Any down payment less than 20% would require a monthly PMI (Private Mortgage Insurance) payment. Maximum APR 18% Initial Unit Cost represents the monthly payment during the initial fixed term based on a $1,000.00 loan at the initial rate for a 30 year term. Payment per $1,000.00 represents the monthly payment based on a $1,000.00 loan at the rate and term indicated. At the adjustment which could be in 3 or 5 years depending on product. The maximum increase could be 2% yearly cap with a maximum of 5% lifetime cap over the life of the loan. Subject to credit approval. Rates apply to the purchase or non cash out refinancing of owner occupied properties only and are subject to change without notice.  Rates may also be impacted by other factors. Other terms and conditions may apply.