- 95% financing available for purchase of a primary residence.
- Cash out up to 80% LTV for the payoff of your 1st and 2nd mortgage.
- Initial interest rate remains the same for 5 full years. The rate adjusts annually thereafter.
- Allows for higher loan amount qualification and enhanced buying power.
Best Choice if You Want:
- The interest rate to stay constant for the first five years.
- To keep your payments low.
- To maximize the amount of loan you qualify for.
- This 30-year ARM is riskier than a 30-year fixed mortgage because the interest rate and payments can rise above the current fixed rates over time.
- ARM Features:
- Rate caps = 2% initial cap, 2% annual cap and 5% life cap.
- Index = 1 Year CMT
- Margin = 2.75%
- Interest rate remains the same for 5 full years. The rate adjust annually thereafter.