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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 or 7 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.
Rates as of 4/17/12
Adjustable Rate Mortgages - Loans up to $417,000
| Program | Points | Interest Rate | APR* | Cost per $1000 | |
|---|---|---|---|---|---|
| 5/1 ARM | 0 | 2.75 | 2.88 | $4.08 | Years 1-5 |
| 0 | 2.875 | $4.15 | Years 6-30 | ||
| 7/1 ARM | 0 | 3.375 | 3.15 | $4.42 | Years 1-5 |
| 2.875 | $4.15 | Years 6-30 | |||
*Adjustable Rate Mortgage (ARM): 5-year ARM monthly payment years 1-5 per $1,000 borrowed is $4.08, monthly payment years 6-30 per $1,000 borrowed is $4.15. 7-year ARM, monthly payment years 1-5 per $1,000 borrowed is $4.42, Monthly payment years 6-30 per $1,000 borrowed is $4.15. After initial loan term, rate is subject to change. The rate at the time of adjustment is based on the 1-year Treasury (index) plus a margin of 2.75%. Additional disclosure information below. NMLS# 198524.
Jumbo Adjustable Rate Mortgages - Loans from $417,000 to $2,500,000
| Program | Points | Interest Rate | APR* | Cost per $1000 | |
|---|---|---|---|---|---|
| 5/1 ARM | 0 | 2.75 | 3.18 | $4.08 | Years 1-5 |
| 3.375 | $4.42 | Years 6-30 | |||
| 7/1 ARM | 0 | 3.500 | 3.45 | $4.49 | Years 1-5 |
| 3.375 | $4.42 | Years 6-30 | |||
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 or 7/1, 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.
Payment does not include taxes and insurance premiums; actual payment may be greater. The rate is variable and is subject to credit approval. Additional terms and conditions may apply. Homeowners insurance required and flood insurance where necessary. Property must be primary residence. Available for residences located in MA or southern NH. All rates are subject to change without notice. NMLS# 198524.
