7/3 ARM Loan

 
7/3 Adjustable Rate Mortgage 
A Bank of Lake Mills Adjustable Rate Mortgage (ARM) offers a locked interest rate for the first 7 years of the loan and will adjust every 3 years thereafter. 
 
What are the advantages of a 7/3 ARM?
  • Lower payments during the locked rate period: Any ARM loan offers potential savings during the initial locked rate period compared to a standard fixed-rate loan. With a 7/3 ARM, your introductory period is locked in for 7 years before any adjustments are made. This period gives you 7 years of predictable payments at a low interest rate.
  • Flexibility: If you think your life may change in the next few years, an ARM loan can be a great idea and a way to save money. 
  • Invest: It can help borrowers save and invest more money. Someone who has a payment that is less with an ARM can put that in a higher-yielding investment.
 
Take advantage or our 7/3 ARM by contacting a Mortgage Lender.
Our Mortgage Team, is here to help!
 

Shane A. Moen
Senior Vice President - Retail Lending
NMLS # 464642 
Michael C. Sweeney 
Senior Vice President

NMLS # 464641
Jake Schultz 
Mortgage Loan Officer 
NMLS # 1609840
Rates effective as of 09/23/2022 and subject to change. APR (Annual Percentage Rate) and payment may increase after consummation. For a $275,000, 30-year loan, the first 84 payments will be $1,491.42 then 276 payments of $1,655.67 (based on 09/23/2022 index plus margin). After 84 months, the rate will be based on the monthly average of the 3-year Treasury Index plus the margin adjusting every 3 years. The current rate and APR for the first 84 payments would be 5.09% and 5.69%. The rate beginning with the 85th payment could be 11.09%. See the ARM (Adjustable Rate Mortgage) disclosure by clicking More Details. Payments do not include required taxes and insurance. Actual payments may be greater. Maximum loan-to-value is 90%. Private Mortgage Insurance is required if loan-to-value is over 80%. Subject to credit approval. Other restrictions may apply.  Ask for details.
Bank of Lake Mills NMLS # 460552

Updated: 09/23/2022