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Interest rates adjust, but not for the first five years.
5/1 Adjustable-Rate Mortgage
This adjustable-rate mortgage offers the benefits of lower initial monthly payments than fixed-rate mortgages for the first 5 years—giving the opportunity to qualify for large loans, lower payments, and short-term savings.
After the first 5 years have elapsed, your rate could swing higher or lower once per each subsequent year, however you may still be able to refinance into a fixed-rate mortgage, should you desire to.
Features you'll love:
1The APR calculation is based on a 5/1 adjustable rate mortgage in the amount of $240,000 for the purchase of a single-family, primary residence with 80% loan-to-value or 20% down payment, minimum borrower credit score of 740, and estimated finance charges of 2 points and $1,200. The APR is subject to change at any time and individual APRs may vary for loan purchases and loan refinances due to loan programs being offered, loan volume, or other factors.
A mortgage expert will review and provide you the terms, conditions, disclosures, and additional details on the interest rates that apply to your individual situation.