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7 Year Adjustable Rate Mortgage (ARM)

Features:
The rate is fixed for seven years and then switches to a one year adjustable rate in the eighth year. The initial rate is normally lower than a fixed rate. Annual rate increases are limited to 5%. The lifetime increase is limited to 5%.

Benefit:
There is a lower initial rate than most 30 or 15 year fixed rate loans while maintaining the security of a fixed rate for 5 years. Monthly principal and interest payments will remain the same in the loans early years, a time when most people can least afford an increase.

Disadvantage:
If the worst case scenario occurs (a maximum rate increase of 5% per year or a lifetime increase of 5%), it could mean significant changes to your monthly payment.

Tip:
When considering any adjustable rate mortgage, calculate your monthly payment in the worst case scenario. If this fits your budget and is an acceptable risk level, the ARM may save you money in the long run.

Loan Purpose Loan
Amount
Maximum
Loan to Value
Mortgage
Insurance
Required
Terms
(Years)
Purchase $700,001-$750,000 0.00%-75.00% No 15, 20, 25, 30
Purchase $0-$500,000 0.00%-80.00% No 15, 20, 25, 30
Purchase $500,001-$700,000 0.00%-80.00% No 15, 20, 25, 30
Purchase $0-$450,000 80.01%-85.00% No 15, 20, 25, 30
Purchase $500,001-$700,000 80.01%-90.00% Yes 15, 20, 25, 30
Purchase $0-$500,000 80.01%-95.00% Yes 15, 20, 25, 30
No Cash Out Refinance $700,001-$750,000 0.00%-75.00% No 15, 20, 25, 30
No Cash Out Refinance $0-$500,000 0.00%-80.00% No 15, 20, 25, 30
No Cash Out Refinance $500,001-$700,000 0.00%-80.00% No 15, 20, 25, 30
No Cash Out Refinance $0-$450,000 80.01%-85.00% No 15, 20, 25, 30
No Cash Out Refinance $500,001-$700,000 80.01%-90.00% Yes 15, 20, 25, 30
No Cash Out Refinance $0-$500,000 80.01%-95.00% Yes 15, 20, 25, 30
Cash Out Refinance $700,001-$750,000 0.00%-75.00% No 15, 20, 25, 30
Cash Out Refinance $0-$500,000 0.00%-80.00% No 15, 20, 25, 30
Cash Out Refinance $500,001-$700,000 0.00%-80.00% No 15, 20, 25, 30

 

Displayed product information is valid for a 1 unit property only. For information on a property with more than 1 unit, please call 1-877-261-2820.
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