Adjustable-Rate Mortgages

Adjustable-Rate Mortgages

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Adjustable-Rate Mortgages

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Adjustable-rate mortgages (ARMs) start with a fixed interest rate for a set period and then adjust when interest rates change over the life of the loan.

An adjustable-rate mortgage may be right for you if:

    • You want a lower initial monthly payment but anticipate being able to afford higher payments in the future.
    • You're planning on selling or refinancing your home within the fixed-rate period of the ARM.
    • You believe interest rates may fall.

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Term Options Available

Options show the initial rate term / the frequency of adjustment / the length of loan in years.

  • 3/1/30
  • 5/1/30
  • 7/1/30
  • 10/1/30

New Term Options

  • 5/5
  • 10/1
  • 15/15

Rate Adjustment Caps

All of Affinity's ARMs come with rate adjustment caps, meaning that your rate is guaranteed not to change more than a pre-determined percentage at each adjustment1. ARMs that adjust less frequently give you interest rates that are stable for longer periods of time.

1 The rate can only change by 2% (up or down, minimum floor rate applies) after each adjustment period and a maximum of 5% above the initial start rate over the life of the loan. Minimum floor equals current CMT (Constant Maturity Treasury) rate plus 3% margin.