Buying a house is expensive. Luckily, there's a way to lower monthly mortgage payments during the first years of ownership. An Adjustable-Rate Mortgage Loan from First Bank comes with an introductory interest rate that's definitely special—and one that can buy you time to rebuild your savings and make additional purchases.
- Lock in low interest rates for an ARM loan with a variety of repayment periods.
- Prepare for interest rates to be adjusted on a semi-annual basis.
- Get protection from caps that limit how high your Adjustable-Rate Mortgage Loan interest rate can go.
- Enjoy loan savings should interest rates decrease over the life of the ARM loan repayment period.
- Consider this mortgage loan if you expect your income to rise in the near future, or you plan to move again before the introductory interest rate period ends.
Connect with a First Bank Home Loan Advisor or visit one of our branch locations in Missouri, Illinois, Kansas, and California.
Frequently Asked Questions
An Adjustable-Rate Mortgage Loan is a mortgage with reduced initial interest rates for an initial period that change to reflect market conditions after the initial term.
An ARM loan is the same loan as an Adjustable-Rate Mortgage Loan, with a fixed initial interest rate that adjusts to reflect the market after the initial term.
Adjustable-Rate Mortgage Loans lock in a low home loan interest rate for an initial time period. After that initial term, interest rates adjust and fluctuate depending on the conditions of the market for the remainder of the loan repayment period.
An ARM loan is the same as an Adjustable-Rate Mortgage Loan, and works in the same way. The loan interest rate is locked in for an initial time period and then changes depending on market conditions after the initial term has ended. Interest rates adjust for the remainder of the loan repayment period.
ARM loans are usually named by the length of time the interest rate remains fixed and how often the interest rate is subject to adjustment thereafter. For example, in a y/m ARM, the "y" stands for an initial yearly period during which the interest rate remains fixed while the "m" stands for the monthly period that the interest rate is subject to adjustment thereafter.
ARM loans are usually named by the length of time the interest rate remains fixed and how often the interest rate is subject to adjustment thereafter. For example, in a y/m ARM, the "y" stands for an initial yearly period during which the interest rate remains fixed while the "m" stands for the monthly period that the interest rate is subject to adjustment thereafter.
*Loan is subject to credit approval and program guidelines.