Adjustable Rate Mortgages
Loan Amounts up to $750,000
Adjustable Mortgage rates apply to one- to four-family homes and condominiums located in the state of New Jersey. Adjustable Rate Mortgages (ARM) is a mortgage where the interest rate is not fixed, but changes during the life of the loan in line with the movements of an index rate. The ARMs have an index and margin, which determine how and when the rate and payment amount change. The renewal rate on the ARM is based on the weekly average yield on US Treasury Securities adjusted to a constant maturity of either one, three or five year index plus a margin of 2.75%. The ARM product has a 2.00% cap limit on how much the interest rate can change at each adjustment; 6.00% lifetime cap.
| LOAN TYPE/TERMS |
INT. RATE |
APR |
TERM (Months) |
ADDITIONAL INFORMATION |
MONTHLY PAYMENT PER $1,000 |
| 10/1/40-Year ARM |
5.500% |
4.634% |
480 |
Reprices annually after 10 Years. |
$5.16 |
| 10/1/30-Year ARM |
5.625% |
4.962% |
360 |
Reprices annually after 10 Years. |
$5.76 |
| 7/1/30-Year ARM |
5.500% |
4.527% |
360 |
Reprices annually after 7 Years. |
$5.68 |
| 5/5/40-Year ARM |
5.250% |
4.603% |
480 |
Reprices every 5 Years. |
$4.99 |
| 5/5/30-Year ARM |
5.450% |
4.750% |
360 |
Reprices every 5 Years. |
$5.65 |
| 3/3/30-Year ARM |
5.500% |
4.208% |
360 |
Reprices every 3 Years. |
$5.68 |
| 1/1/30-Year ARM |
4.500% |
3.278% |
360 |
Reprices annually. |
$5.07 |
Application fee for one-family home is $400.00: $600.00 for two-, three- or four-family homes. All above APRs are based on owner-occupied one-family dwellings; other programs are available. Application fee will be refunded at closing.
Information about the index rate is published weekly in the Wall Street Journal. Interest rates are locked in at the time of application. All interest rates quoted are based on a 60-day commitment. All rates are subject to change without notice. Applicants must meet the bank's underwriting criteria. APR is based on a one-family dwelling with a 20% down payment. A down payment of less than 20% requires PMI, which will increase the APR.
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