Adjustable-Rate Mortgage

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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

Adjustable Mortgage Rates

Program

Rate

APR*

*APR = Annual Percentage Rate. Rates are subject to change without notice. Rates last updated on 02/20/2024 at 12:15pm (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*

7.200%

Program

7/1 ARM (Conforming-30 year term)

Rate

6.875% with points

APR*

7.259%

Program

10/1 ARM (Conforming-30 year term)

Rate

6.375%

APR*

6.907%

Program

10/1 ARM (Conforming-30 year term) Medical Professional Program

Rate

5.875%

APR*

6.575%

Program

7/1 ARM (Jumbo-30 year term)

Rate

7.125% with points

APR*

7.261%

Program

10/1 ARM (Jumbo-30 year term)

Rate

6.625%

APR*

6.945%

Program

10/1 ARM (Jumbo-30 year term) Medical Professional Program

Rate

6.125%

APR*

6.615%

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

What others are saying ...

The Allegacy team was very knowledgeable, kind and always available to answer my questions.

Kimberley
— Concord, NC

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