5/5 ARM Mortgage Refinance
- Best for home owners who want a lower rate and plan to stay in the property for 10 years or less.
- 30-year adjustable rate term.
- Initial fixed rate for five years.
- Rate adjusts every five years thereafter.
- Lower monthly payments for the first five years.
- No pre-payment penalty.
- Loan amounts up to $1,000,000.
Rates are subject to change based on market conditions. Subject property must be your primary residence. Minimum representative credit score of 680 required. Maximum 90% combined loan to value on limited cash-out refinance mortgage loans. Cash-out refinance mortgage loans not eligible for this loan program. The minimum loan amount is $50,000 and the maximum loan amount is $1,000,000. Some restrictions may apply.
Adjustment period is every fifth year by no more than 2% up or down per adjustment, with a floor of 2.875%. The lifetime loan interest rate adjustment not to exceed 5.00% above the initial rate. The new interest rate at adjustment is the Index, United States 5 Year Treasury Yield, plus a margin of 2.250%.
Payment Example: On a $150,000, 5/5 ARM, 30 year amortization, assuming a credit score of 740, 90% loan to value, with an initial rate of 3.375% (3.499% APR), the maximum amount that the interest rate can rise under this program is 5 percentage points, to 8.375%, and the monthly payment can rise from a first year principal and interest payment of $663.14 to a maximum of $1,014.22 starting in the fifteenth payment year. Payments shown do not include taxes and insurance; actual payments may be greater. APR = Annual Percentage Rate. All rates and offers are as of March 27, 2019 and are subject to change without notice.
Offer available in the states of Alabama, Florida, Georgia, North Carolina, South Carolina, and Tennessee. Terms may change at any time. We do business in accordance with the Federal Fair Housing Law and the Equal Housing Opportunity Act. NMLS #401922.