Interest rates for an Adjustable Rate Mortgage are subject to change every year after the 3rd, 5th, 7th, or 10th year depending upon the Adjustable Rate Mortgage loan you select, and is based upon the Index. The “Index” is the average of inter-bank offered rates for one-year U.S. dollar-denominated deposits in the London market (“LIBOR”), as published in The Wall Street Journal daily.
- Lower monthly payments initially
- No prepayment penalty
- For owner-occupant, second home, and investor purchases
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