Purchase your next home with an Adjustable Rate Mortgage
Consider an Adjustable-Rate Mortgage (ARM) if your family is likely to outgrow your home in the next five to ten years. An ARM also is a good solution if you’re looking for more bang for your buck. With an ARM, the initial interest rate may be set lower than a fixed-rate mortgage, so your monthly payments will be lower.
Choose from 3-6, 5-6, 7-6, and 10-6 ARMs. The initial rate is fixed for three, five, seven, or ten years, respectively. After that, semi-annual adjustments are based upon the six-month SOFR index plus a margin of 2.75%.* This option may allow you initially to afford more home.
After the third, fifth, seventh, or tenth year you might see the interest rate and loan payment rise. There are limits set on both the semi-annual adjustment and the life of the loan. If rates decline, your ARM may cost you less than a fixed-rate mortgage.
A mortgage at TruMark Financial also means:
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*Annual Percentage Rate is subject to change after initial fixed period and can increase or decrease based on program limits. All home lending products are subject to credit and property approval. Rates, terms, and conditions are subject to change. Restrictions may apply. NMLS 404938