Adjustable Rate Mortgages offer fixed rate features and may be the perfect solution if you are not planning to keep your mortgage for the long-term or just want to maximize your cash flow with an interest rate that can be much lower than a 15 or 30 year fixed rate.
The loan is fixed for a specific period of time (1, 3, 5, 7, or 10 years) and then it can periodically adjust based on a certain formula that is established in your loan documents (called "index and margin"). Depending on the specific loan type, the interest rate might adjust monthly, quarterly, semi-annually, or annually after the initial fixed rate period. "Caps" on these adjustments control how high or low your interest rate could adjust to after the initial fixed rate period.
Loan amounts are available as follows:
|
Loan Type
|
Min./Max Loan Amt
|
Also Known as:
|
|
Conforming Loans (1)
|
$100,000 to $417,000
|
Hybrid Agency Conforming Loans
|
|
Temporary High Limit Loans (2)
|
$417,001 to $729,750
|
Hybrid Agency Jumbo Loans
|
|
Jumbo Loans (3)
|
$729,750 to $2,000,000
|
Hybrid Non-Agency Loans
|
|
Super Jumbo Loans (4)
|
$2,000,100 to $4,000,000
|
Hybrid Super Non-Agency Loans
|
|
Estate Loans (5)
|
$4,000,100 plus
|
Hybrid Estate Financing
|
(1) The lowest interest rates of all fixed rate options and the most widely available
(2) Slightly higher rates than conforming loans - Temporarily available by Federal Mandate until further notice
(3) Slightly higher rates than Temporary High Limit - Most jumbo loans are available as hybrid loans
(4) The next highest interest rates - Most Super Jumbo are available as hybrid loans
(5) Generally the highest interest rates - Loans available are almost always hybrid loans
For a sample of current interest rates, click here
To apply for a loan, click here
Adjustable Rate Mortgages offer fixed rate features and may be the perfect solution if you are not planning to keep your mortgage for the long-term or just want to maximize your cash flow with an interest rate that can be much lower than a 15 or 30 year fixed rate.
The loan is fixed for a specific period of time (1, 3, 5, 7, or 10 years) and then it can periodically adjust based on a certain formula that is established in your loan documents (called "index and margin"). Depending on the specific loan type, the interest rate might adjust monthly, quarterly, semi-annually, or annually after the initial fixed rate period. "Caps" on these adjustments control how high or low your interest rate could adjust to after the initial fixed rate period.
Loan amounts are available as follows:
|
Loan Type
|
Min./Max Loan Amt
|
Also Known as:
|
|
Conforming Loans (1)
|
$100,000 to $417,000
|
Hybrid Agency Conforming Loans
|
|
Temporary High Limit Loans (2)
|
$417,001 to $729,750
|
Hybrid Agency Jumbo Loans
|
|
Jumbo Loans (3)
|
$729,750 to $2,000,000
|
Hybrid Non-Agency Loans
|
|
Super Jumbo Loans (4)
|
$2,000,100 to $4,000,000
|
Hybrid Super Non-Agency Loans
|
|
Estate Loans (5)
|
$4,000,100 plus
|
Hybrid Estate Financing
|
(1) The lowest interest rates of all fixed rate options and the most widely available
(2) Slightly higher rates than conforming loans - Temporarily available by Federal Mandate until further notice
(3) Slightly higher rates than Temporary High Limit - Most jumbo loans are available as hybrid loans
(4) The next highest interest rates - Most Super Jumbo are available as hybrid loans
(5) Generally the highest interest rates - Loans available are almost always hybrid loans
For a sample of current interest rates, click here
To apply for a loan, click here