Adjustable Rate Mortgage
If you are looking for lower interest rates and lower monthly payments, a United Bank Adjustable Rate Mortgage is for you. ARM rates are typically lower than conventional fixed mortgage rates, giving you the opportunity to buy that dream home. Adding to your peace of mind is the fact that your interest rate can only rise to a stated maximum.
ARM loans are available with an initial fixed rate period of 1, 3, 5 or 7 years.
Interest rate changes may occur every 12 months following the initial fixed rate period of your loan. Upon each rate adjustment, your monthly payment will be recalculated based on the new rate and the remaining term of your loan.
To provide peace of mind and payment stability, interest rates are capped at 2% annually and 6% over the life of the loan.
Fixed Rate Conversion Option is available on some ARM loans allowing you to convert your ARM loan to a fixed rate and term. A minimum down payment of 10% is required for this option.
The ARM annual percentage rate is subject to rate increases.
Please contact an United Bank Loan Officer for more information and start your application today!