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Adjustable Rate Mortgages

Adjustable rate mortgages, or ARMs, are attractive to some customers, particularly if they plan to remain in the home for a short period of time. The monthly payment on an ARM may move up or down depending on market conditions. 

Benefits: 

  • Typically lower interest rate than a fixed-rate mortgage
  • Rate cap limits 
  • Flexibility for selling or refinancing

Considerations:

  • Monthly principal and interest payments may increase when the interest rate adjusts
  • Monthly principal and interest payments may change every year after the initial fixed period is over
  • If you choose an interest-only option, you cannot build equity through monthly interest-only payments without making voluntary principal payments during the interest only period
 
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