Adjustable Rate Mortgages (ARM) are a good option if you plan to be in your home for only a few years, or if you are simply looking for lower initial interest rates in exchange for a monthly payment that can fluctuate2 . Take advantage of Fremont Bank’s 5-year Adjustable Rate Mortgage1 and enjoy lower payments to get you through these tough times.4
Our 5 year adjustable rate mortgage offers an initial interest rate for the first five years of the loan2. On the first adjustment, your interest rate cannot increase more than 5%. Annual rate adjustments thereafter cannot exceed 2%, with a lifetime cap of 5% over the initial rate.
CHECK OUT THESE LOW MONTHLY PAYMENTS3 |
5/1 ARM1 |
| Loan Amount: |
$350,000 |
| Initial Rate: |
3.625% |
| Fully Indexed APR: |
3.573% |
| Period of Initial Rate: |
5 years |
| Rate Adjustment after Initial Period Expires: |
Annual |
| Maximum Lifetime Caps Over Initial Rate: |
5.00% |
|
Payment Term: |
30 years |
| Initial 60 Monthly Payments: |
$1,596.18 |
| 300 Monthly Payments Varying Between: |
$1,554.00-$2,559.88 |
This loan does not have a pre-payment penalty. Talk to our Loan Consultants and enjoy the peace of mind that comes with a 5-year Adjustable Rate Mortgage!
Apply now or call today: (866) 359 - 0169.
1This 5/1 Adjustable Rate Mortgage (ARM) refinance loan is based on owner-occupied, single-family homes only. Loan amounts $75,000-$417,000. Maximum 60% loan-to-value (LTV). Mortgage insurance is required for loans above 80% LTV. Subject to credit qualifications and underwriting requirements. Adequate property insurance (may include flood insurance) required. Borrower responsible for insurance requirements and applicable state, county, city taxes which can be substantial.
2Rates and terms effective 12/8/2009 and subject to change. Rates displayed include 1.250% point of the loan amount. Actual rate determined after receipt of a completed application and prior to execution of loan documents. Rates on loans less than $75,000 or over $417,000 or for purchase loans may differ. Loans with lower nominal interest rates may be available to borrowers willing to pay points and fees. Certain restrictions apply.
3The estimated payment amounts include principal and interest. Payments are based on the initial rate, current index and margin, and also take into account initial, subsequent, and lifetime rate caps. This is a variable rate loan and actual payment amounts will vary annually after the fifth year based on changes in the index. Your payment will increase and may increase substantially if interest rates increase.
4Refinancing to lower your monthly payment may extend the number of monthly payments and/or the total amount paid when compared to your current situation. Other loan programs available. Refers to program P271L.
|
