Adjustable-Rate Mortgage
Start strong, and speed up.
Adjustable-Rate Mortgages are not for everyone. But for some, they can be a sound home ownership strategy. This type of loan starts with lower monthly payments for a fixed period, followed by variable rates (with rate limitations) that make your monthly payments fluctuate at set intervals.
Annual Adjustments
Begin annual adjustments after two (2/1), five (5/1) or seven (7/1) years. See payment examples »
15-30 Year Loans
You can choose to amortize your adjustable-rate mortgage across 15 or 30 years. See payment examples »
Pre-Qualification
We offer credit approval to help you determine how much house you can afford
|
Program |
Rate |
APR* |
|---|---|---|
|
*APR = Annual Percentage Rate. Rates are subject to change without notice. Rates last updated on 05/26/2023 at 2:00pm (EST). Mortgage rates are based upon a variety of assumptions and conditions. The credit score used in this estimate may be higher or lower than your personal credit score. A loan’s interest rate will depend upon specific characteristics of the loan and the credit history through the time of closing. |
||
|
Program 5/1 ARM (Conforming-30 year term) |
Rate 6.625% |
APR* 7.420% |
|
Program 7/1 ARM (Conforming-30 year term) |
Rate 6.875% |
APR* 7.435% |
|
Program 10/1 ARM (Conforming-30 year term) |
Rate 6.625% |
APR* 7.156% |
|
Program 10/1 ARM (Conforming-30 year term) Medical Professional Program |
Rate 6.125% |
APR* 6.820% |
|
Program 7/1 ARM (Jumbo-30 year term) |
Rate 7.250% |
APR* 7.564% |
|
Program 10/1 ARM (Jumbo-30 year term) |
Rate 6.875% |
APR* 7.253% |
|
Program 10/1 ARM (Jumbo-30 year term) Medical Professional Program |
Rate 6.375% |
APR* 6.916% |
Frequently Asked Questions
Not sure if an Adjustable-Rate Mortgage is the right move for you? No worries! We’re here to help guide you towards homeownership with a few frequently asked questions.
Yes, ARM’s are a valuable tool for first-time homebuyers, especially in a tough housing market.
With rising interest rates an ARM can be a sound option for homebuyer’s because of the initial lower rate and lower payments.
You can get into a new home with a much lower payment initially than with a fixed-rate loan but the loan interest rate could increase over time.
Borrowers who are likely to sell their home before the initial fixed-rate expires or expect their income to increase and they can afford a potentially higher payment.
Calculators to help you choose the right mortgage for you
You might like ...
Here are a few other resources, pages and articles you might enjoy.
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See What Fits: Finding the Right Mortgage for You
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The Mortgage Credit Approval Process: What You Need to Know
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It’s Your Equity, Why Not Use It?
What others are saying ...
Flash K.Michelle and Eunice are fantastic! They went above and beyond to ensure that the product met my needs and that my loan was ready to close on time!
— Columbia, SC