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 09/06/2024 at 1:30pm (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 6.125% |
APR* 6.751% |
|
Program 7/1 ARM (Conforming-30 year term) |
Rate 6.375% |
APR* 6.718% |
|
Program 10/1 ARM (Conforming-30 year term) |
Rate 5.750% |
APR* 6.234% |
|
Program 10/1 ARM (Conforming-30 year term) Medical Professional Program |
Rate 5.625% |
APR* 6.152% |
|
Program 10/1 ARM (Conforming 30 year term) Higher Educator Program |
Rate 5.625% |
APR* 6.152% |
|
Program 7/1 ARM (Jumbo-30 year term) |
Rate 6.625% |
APR* 6.804% |
|
Program 10/1 ARM (Jumbo-30 year term) |
Rate 6.000% |
APR* 6.353% |
|
Program 10/1 ARM (Jumbo-30 year term) Medical Professional Program |
Rate 5.875% |
APR* 6.272% |
|
Program 10/1 ARM (Jumbo 30 year term) Higher Educator Program |
Rate 5.875% |
APR* 6.272% |
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
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KimberleyThe Allegacy team was very knowledgeable, kind and always available to answer my questions.
— Concord, NC