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Adjustable Rates Mortgages (ARMs)
An adjustable rate mortgage (ARM) features a variable interest rate, which is periodically adjusted based on the change in a financial index such as One Year Treasuries, plus a margin that is established prior to closing. Interest rate changes are limited or capped at each adjustment and for the life of the loan.
We offer an ARM program at an attractive initial rate and allows for the rate to move up or down based on a predetermined margin and a defined index. The ARM also includes an annual cap limiting the interest rate change from year to year as well as an overall cap limiting the interest rate increase over the life of the loan. We offer ARM programs with a fixed rate for 3 years, 5 years or 7 years. ARM loans usually start at a lower rate than a fixed rate loans, which translates to greater purchasing power.
Rates as of Monday, November 10, 2008
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0.000%
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4.000%
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5.016%
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Show Payments
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$3,631.67
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1.000
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$4.77
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0.000%
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4.500%
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4.972%
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Show Payments
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$2,652.50
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0.000
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$5.07
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0.000%
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5.000%
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5.088%
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Show Payments
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$3,673.33
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1.000
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$5.37
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0.000%
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5.250%
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5.358%
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Show Payments
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$2,465.00
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0.000
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$5.52
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0.000%
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4.875%
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5.661%
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Show Payments
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$3,465.00
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1.000
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$5.29
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0.000%
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5.125%
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5.593%
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Show Payments
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$2,465.00
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0.000
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$5.44
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0.000%
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5.125%
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5.417%
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Show Payments
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$3,465.00
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1.000
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$5.44
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0.000%
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5.375%
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5.389%
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Show Payments
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$2,465.00
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0.000
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$5.60
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Rates are subject to change without notice. Loan limits and other restrictions may apply. |
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Annual Percentage Rate (APR) quoted above are based on a representative $100,000 loan amount, with 20% down payment/equity for the stated term and include the points listed. Rates are not guaranteed until lock-in and subject to change without notice. All loan applications subject to credit underwriting and property approval. Homeowners' Insurance and flood insurance (PMI) if your downpayment/equity is less than 20%.Loan rates are for a first lien position on 1-4 family owner-occupied residences.
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All Adjustable Rate Mortgage (ARM) APR's are predicated on a 30 Year Amortization. ARM rates are based on a 1 or 3 year TBill Index with a margin of between 2.625 and 3.125 depending on product. The Seven/Three Year ARM rate is based on the 3 Year TBill. All adjustable rates mortgages (ARM) products are variable and may change after consummation of the loan. Any increase in APR will result in a higher payment.
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Appraisal fees: $300 single family - $500 for a 2-4 family |
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