Adjustable Rate Mortgage Loans
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If you’re not quite sure just how long you will be living in your home, then an adjustable rate mortgage, or ARM, may be just what you need. These loans offer a fixed rate for a certain period. After that the rate will adjust for the remainder of the term. There are yearly and lifetime adjustment limits in place.
Our adjustable rate mortgage loans are a great option for:
- Anyone looking to purchase a new home
- Anyone looking to purchase a second home
- Anyone looking to refinance their home for a term of longer than 10 years
The tables below illustrate the loans we offer and their features:
|Loan Type||5/1 ARM||7/1 ARM||10/1 ARM||10/15 ARM|
|Maximum Loan Amount||$500,000||$500,000||$500,000||$500,000|
|Maximum term (in years)||30||30||30||15|
|LTV to avoid PMI*||80%||80%||80%||80%|
|Sold to another lender?||No||No||No||No|
|Yearly adjustment cap||2%||2%||2%||2%|
|Lifetime adjustment cap||6%||6%||6%||6%|
We also offer many ways to make your mortgage loan payments. Learn more about our loan payment options.
*LTV – Loan to Value. PMI -Private Mortgage Insurance. *3.25% APR is for a 10/15 adjustable rate mortgage loan with an LTV of 97% or less. Payments are approximately $9.78 per $1000 borrowed for the fixed term portion of the loan. 3.25% APR is valid for a 5/1 ARM with an LTV of 97% or less. Payments are approximately $4.35 per $1,000 borrowed. 3.50% APR is valid for a 7/1 ARM with an LTV of 97% or less. Payments are approximately $4.49 per $1,000 borrowed. Payment do not include taxes and insurance, your payment could be higher. Other rates and terms are available. Loans are subject to approval criteria, not all applicants will qualify. Offer is subject to change or withdrawal without notice. First South Financial is an equal housing lender. NMLS # 410640.Go to main navigation