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Adjustable Rate Mortgages (ARM)
- The interest rate and monthly payment is fixed for the initial loan term (5 or 7 years).
- When the fixed-rate period ends and the loan begins to adjust, your payments will reflect the current rates, which might be lower or higher.
- Both ARMs are amortized over 30 years.
- Borrow up to of home value.
- No prepayment penalties.
This Option May Be a Good Fit If
- Like most Americans, you don't plan on staying in your home for more than 5 – 7 years.
- You want to pay less interest and pay off your mortgage faster.
- You want to build more equity by making additional principal payments using the money you can save from having a lower interest rate.
Refinancing to pay off existing debt may extend the term of the debt, possibly resulting in higher overall costs and increasing the total amount paid when compared to your current situation. Normal credit qualifications and other terms and conditions apply. For certain counties, our loan limits may vary.
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) requires all mortgage loan originators to be registered in the Nationwide Mortgage Licensing System and Registry (NMLS). Mortgage loan originators and their NMLS IDs can be looked up at www.nmlsconsumeraccess.org.
* Based on June 2014 Bankrate survey of closing costs on purchase mortgages.