** APR based on a loan amount of $270,000.
For 5/6 SOFR ARM ~ MARGIN = 2.75 CAPS = 2/1/5 INDEX = Federal Reserve Bank New York SOFR
For 5/5 CMT ARM ~ MARGIN = 2.25 CAPS = 2/2/5 INDEX = WSJ 5yr CMT
ARM Loans: Interest rates and payments may increase after consummation. After the initial fixed period, your interest rate can change annually and any change will impact your monthly payment.
5/6 ARM and 5/5 ARM have a 5 year Fixed Period.
Our 5/6 Adjustable Rate Mortgage Loans are based on the SOFR rate and the 5/5 ARM loans are based on the 5 Year CMT rate, with a margin of 2.75% These loans have limits on how much the rate can increase or decrease. The rate will not increase or decrease more than 2% at the first time the rate is adjusted. After that, the rate will not increase or decrease more than 1% each adjustment period. For the entire loan term, the rate will not increase more than 5% over the starting rate.
*** The displayed Annual Percentage Rate (APR) for the loan products shown reflects the interest rate and approximate cost, for a Purchase Transaction, of prepaid finance charges, including points, but does not include monthly taxes and insurance, other closing costs or discount points. The actual fees, costs, and monthly payment on your specific loan transaction may vary and may include additional fees and costs.
Standard Rate Lock Desk Hours are 9am to 4:30pm Monday to Friday, excluding Holidays. Please contact your Loan Consultant for Rate Lock Inquiries. Pricing displayed is as of the most recent update and is subject to change at any time without notice.