Adjustable Rate Mortgages

Family in front of new house

We offer “in house” Adjustable Rate Mortgages (ARM’s) for both home purchases and mortgage refinances.

1 Year Adjustable Rate Mortgage: 

Rate which adjusts annually no more than 1% per year with a lifetime cap. Borrow up to 95% on a home purchase and 90% Loan to Value on a No Cash Out Refinance or 80% Loan to Value on a Cash Out Refinance.

10/1 Year Adjustable Rate Mortgage:

Rate which fixed for the first ten years, then adjusts annually no more than 2% per year with a lifetime cap. Borrow up to 95% on a home purchase and 90% Loan to Value on a No Cash Out Refinance or 80% Loan to Value on a Cash Out Refinance.

Link to Rates

 

VERIFICATION OF INCOME

  • Two most recent paystub(s) covering the last 30 days
  • Two most recent W2 forms from all employers
  • Self-employed borrowers must provide two most recent tax returns including schedules

VERIFICATION OF ASSETS

  • Two most recent checking, savings or investment statements to verify funds for down payment

REQUIRED DOCUMENTS

  • PURCHASE TRANSACTION
  • Copy of Purchase Contract with Addendum
  • REFINANCE TRANSACTION
  • Copy of Deed
  • Copy of Abstract of Title
  • Survey
  • Copy of Tax Bills and Receipts
  • Copy of Home Owners Insurance Declarations Page