7|1 ARM

$100 Landing
 

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7/1 Adjustable Rate Mortgage Summer Special

Get up to $450!

Get a sweeter rate and great incentives this summer with our 7/1 Adjustable Rate Mortgage (ARM) loan. Apply between now and August 31 to get up to $450 credit!

  • You will receive a credit of up to $450 towards closing costs to cover the expense of an appraisal
  • Receive a lower rate than a 10/1 ARM

This is an Adjustable Rate Mortgage; however, it's different than a typical ARM in that your Annual Percentage Rate will stay the same for the first 7 years of the loan versus changing every year. After 7 years, the rate can adjust annually, depending on the market.

APPLY TODAY!

Best Choice If:

  • The home you are looking to purchase is under $424,101.
  • You are looking for a home loan that does not require 20% down.
  • You are looking to enhance your buying power, and you want to take advantage of a lower initial rate versus a Fixed Rate loan, but at the same time, want to know your rate will be stable at the beginning of your loan. With a 7/1 ARM, your APR will stay the same for the first 7 years and then adjust every year on the anniversary date of the loan.
  • You want to keep your APR, which affects monthly payments, as low as possible at the beginning of your loan.

Other Features:

  • Rate caps = up to 5% over your start rate at initial adjustment and 2% per adjustment thereafter and 5% over the lifetime of the loan. A rate cap is a limit on how much the rate can change at the end of each adjustment period over the life of the loan.
  • Fixed rate conversion option is not available

 


An example APR for a 7/1 Year ARM loan is 3.97%. An example monthly mortgage payment is $442. The example quotes are based on a property value of $200,000 and a loan amount of $100,000. The Annual Percentage Rates (APR) stated is an estimate and is intended for informational use only. Your actual APR may vary based on your actual loan amount. Please visit the Loan Consultant for additional information about our rates and fees. Rates are subject to change without notice. Your actual rate and/or points may be different, as many factors are evaluated for a loan approval.