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Lower initial rates can let you afford a larger home
Adjustable Rate Mortgages (ARMs) typically have a lower initial interest rate than fixed-rate loans. Payments are fixed for 5, 7, or 10 years; after which the rate and payment can increase or decrease every 6 months or in the case of the 5/5 loan, once every five years. Adjustable rate loans are a good choice for home buyers trying to afford a bigger home, or who expect to sell the home before the end of the fixed-rate term, anticipate an increase in income, or expect rates to fall.
Adjustable Rate Mortgages offer:
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When you get your home mortgage loan through us, we'll award you 10,000 APEX Points.*
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*10,000 points on a new purchase or external refinance of a mortgage loan.
Loans are available in all states except AK, HI, ID, MA, NM, NY and VT. Conditions, restrictions, and terms may apply. Other loan programs and terms available.For 5/6, 7/6, 10/6 SOFR ARM ~ MARGIN = 2.75. CAPS = 2/1/5 (Initial Rate Cap - 2% maximum increase or decrease for the first-rate adjustment. Periodic Rate Cap - 1% maximum increase or decrease for subsequent rate adjustments. Lifetime Cap = 5% maximum increase above the initial rate). INDEX = Federal Reserve Bank New York SOFR. ARM interest rates and payments are subject to increase after the initial fixed-rate period. 5 years for a 5/6 ARM, 7 years for a 7/6 ARM, and 10 years for a 10/6 ARM; then the interest rate is subject to adjustment once every six months thereafter.
For 5/5 CMT ARM ~ MARGIN = 2.25. CAPS = 2/2/5 (Initial Rate Cap - 2% maximum increase or decrease for the first-rate adjustment. Periodic Rate Cap - 2% maximum increase or decrease for subsequent rate adjustments. Lifetime Cap - 5% maximum increase above the initial rate. INDEX = WSJ 5yr CMT. Fixed for initial 5-year period, then becomes adjustable and may increase or decrease once every 5 years.
Financial Partners Credit Union membership required
NMLS#401427