| Interest Only 7/6 LIBOR ARM |
| Description: The loan has a rate that is based on the LIBOR (London Interbank Offered Rates) index. It is fixed
for the first 7 years, then converts to adjustable rate loan, changing every 6 months for the remaining 276 months of the
loan term.
Benefits: The Interest Only 7/6 LIBOR ARM allows you to pay a lower interest rate than a traditional 30-year loan. Adjustable rate mortgages are among our most popular loans because they help you qualify for a larger home, maximize cash flow, there is no negative amortization, and your loan may be assumable. To Consider: After the initial 7-year period, the rate will follow the movement of this index up and down, with certain limits. Once the interest-only period ends, monthly payments may rise due to the following factors: 1. Borrower begins to pay both principal and interest; 2. The payoff period of the loan is shorter. |
| For information about Interest Only 7/6 LIBOR ARM 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.