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!
Mortgage Loan Officer
NMLS # 1609840
Rates effective as of 06/09/2022 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 $1,311.31 then 276 payments of $1,518.15 (based on 06/09/2022 index plus margin). After 84 months, the rate will be based on the 3-year Treasury Index plus the margin adjusting every 3 years. The current rate and APR for the first 84 payments would be 3.99% and 4.82%. The rate beginning with the 85th payment could be 9.99%. See the ARM (Adjustable Rate Mortgage) disclosure by clicking More Details. Payments do not include required taxes and insurance. Actual payment 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