Affordable options to purchase your next home
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 3-1, 5-1, 7-1, and 10-1 ARMs. The initial rate is fixed for three, five, seven, or ten years, respectively. After that, annual adjustments are based upon the one-year LIBOR index plus a margin of 2.25%. 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 annual adjustment and the life of the loan. If rates decline, your ARM may cost you less than a fixed-rate mortgage.
Need help? Complete the form to the left or call 215-953-5305 to contact a loan officer.
A mortgage at TruMark Financial also means:
- Low application fees and closing costs
- Friendly, knowledgeable mortgage staff to help you through the home-buying process
- Ease of monthly payment through a coupon book or online
- The ability to lock-in a rate for 60 days
- Pre-qualification so you know how much home you can afford before you go house hunting
- Zero to two point options available to reduce interest rate and monthly payment
All home lending products are subject to credit and property approval. Rates, terms, and conditions are subject to change. Restrictions may apply. NMLS 404938