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Adjustable-rate mortgages (ARM) are just what they sound like - a loan where the interest payment could change over the course of the loan. They’re not the right fit for everyone but they could be the right fit for you - especially if you don’t think you’ll be in your house for long or it’s likely your income will rise in the future.
 

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Adjustable-rate Mortgage Loans

  • The initial interest rate is typically lower than a fixed-rate loan - which means a more affordable monthly payment at the beginning of your loan
  • You could pay less in interest if you only stay in the home for a short time - depending on market conditions, you might never have a rate increase on your loan
  • A lower initial payment might help you qualify for a larger mortgage loan
  • They’re available with low down payment options - which could help you get into the home of your dreams faster
  • And like every Summit mortgage, your loan will be serviced directly by Summit

Adjustable-Rate loan options:

  • A great rate with a variety of terms: Choose the adjustable-rate mortgage loan with an initial rate lock period that makes sense for you
  • You may qualify for loans designed to meet the needs of low-income households, veterans, first-time buyers and more
Understanding ARM Loans

ARM loans are often described with a two-digit number (for example, 1-1, 3-1, 5-1 and 10-1).

Here’s what those numbers mean:

  • The first number = how many years the initial interest rate will be locked in.
  • The second number = how frequently the loan rate could be adjusted after that period.

So, for a 3-1 loan: The original interest rate would be fixed for the first three years and it could change once each year for the rest of the loan.



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Use our online loan consultant to find the home loan option and rate best for you.

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Featured Mortgage Rates
Rates Effective November 21, 2018
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Type and Term Rate Annual Percentage Rate

30 Year Fixed

4.88% 4.95%

15 Year Fixed

4.38% 4.50%

7/1 ARM**

4.13% 5.01%

 

Frequently Asked Questions