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You might think renting is easy and comes with no strings attached. We get it! But in the long run, it could be more expensive than buying a home.

With all the life changes millennials are going through, buying might sound like a dream but it doesn’t have to be. If you are thinking about buying a home but know that in 7 or 10 years down the road you may want to sell it for something bigger or smaller, a 7/1 or 10/1 Adjustable Rate Mortgage (ARM) may be right for you, now.

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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 or 10 years, depending on which ARM you have, of the loan versus changing every year. After 7 or 10 years, the rate can adjust annually, depending on the market.

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 or 10/1 ARM, your APR will stay the same for the first 7 or 10 years, depending on which ARM you have, 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 3.954%. 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.

An example APR for a 10/1 Year ARM loan is 3.903%. An example monthly mortgage payment is $449. 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.