| 3/1 ARM |
| Description: This loan has a fixed rate and payment for the first 3 years. After that, the rate and payment
adjusts annually. During the adjustable portion of the loan, the rate increase or decrease is capped each year. Also, there
is a lifetime cap that sets a maximum limit for the rate over the term of the loan.
Benefits: Your rate and payment for this loan is 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 3 years, this may be a desirable loan to select. To Consider: If you retain your property and do not refinance this loan before 3 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 3/1 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.