7/1 ARM

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.

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.

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Features & Benefits

Best Choice If:

  • The loan amount you are looking to finance is under $484,351.
  • 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 4.787%. An example monthly mortgage payment of principal and interest is $492. 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 speak with a Loan Executive 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. This product is subject to change or cancellation at any time without prior notice.