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Adjustable Rate Mortgages

Adjustable Rate Mortgages

Offering a lower interest rate and payments.

With our great Adjustable Rate Mortgages (ARM), your initial interest rate is set for 5, 7, 10, or 15 years. After that time your rate could increase or decrease. ARM loans usually offer a lower beginning rate compared to a traditional fixed rate mortgage.

Consider an adjustable rate mortgage if:

  • You plan to be in your home less than 10 years
  • You think rates will remain steady or decline during the initial term of the loan
  • You desire a lower monthly payment and are comfortable with a variable rate

Things to know:

When you see an ARM described as 5/1, 7/1, 10/1, or 15/1, here is what the numbers are saying:

  • The first figure refers to the initial number of years your interest rate will stay the same, or is locked.
  • The second figure is the adjustment period. This shows how often the rate can change (up or down) annually, after the initial period has ended.

To speak to a Mortgage Specialist, please call 877-628-5626 or email us today. Visit our Mortgage Center for current rates.
 

* Adjustable Rate Mortgage (ARM): Annual Percentage Rate (APR) of 3.55% and an interest rate of 3.625% as of 10/31/2014.  The initial payment on a 30-year $400,000 loan is $1,824.21 ($4.56 per $1,000 borrowed). After the initial 15 years, the principal and interest payment is $1,762.40. The fully indexed rate of 3.125% is in effect for the remaining 15 years. The rate is variable and subject to change annually. The rate at the time of adjustment is based on the 1-year Constant Maturity Treasury index plus a margin of 3.00%. Current index is 0.11%.  Payment does not include taxes and insurance escrows; actual payment may be greater. Homeowners insurance required and flood insurance where necessary. Property must be primary residence.  Available for residences located in MA or southern NH. Rates subject to change. NMLS# 198524.

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