| 10/6 LIBOR |
| Description: This loan has a fixed rate and payment for the first 10 years. After that, the rate and payment
adjust every 6 months. During the adjustable portion of the loan, the rate increase or decrease is capped at each rate
change. Also, there is a l+ifetime cap that sets a maximum limit for the rate over the term of the loan. The adjustable rate
is based on the LIBOR index plus a margin.
Benefits: Your initial rate and payment for this loan are generally less than for a fixed rate mortgage. If you anticipate rates to fall in the future, or if you intend to sell or refinance the property within 10 years, this may be a desirable loan to select. To Consider: If you retain your property and do not refinance this loan within 10 years, you are subject to the adjustable rate. Depending on the interest rate environment at that time, your rate and payment may increase significantly. |
| For information about 10/6 LIBOR loan program, please contact us |
Equal Housing Lender. Some products may not be available in all states. Restrictions apply.
All rights reserved. Pre-qualification is neither pre-approval nor a commitment to lend; you must
submit additional information for review and approval. Approval may be subject to rate increases,
satisfactory title and appraisal review, and no change in financial condition. *Refinancing
or taking out a home equity loan or line of credit may increase the total number of monthly
payments and the total amount paid when comparing to your current situation.