Phone: (800) 868-4262
Adjustable Rate Mortgage
An adjustable rate mortgage (ARM) has an interest rate that changes over the life of the loan based on the performance of a variable index plus a margin. An ARM is a great choice for the homebuyer who enjoys a lower interest rate, lower payments, and greater home buying power.
- Features
Why choose an adjustable rate mortgage loan?
- Lower initial interest rate than fixed rate mortgages
- Lower initial monthly mortgage payments than fixed rate mortgages
- Greater home buying power than fixed rate mortgages
Coastal offers a variety of adjustable rate mortgage programs:
- One-year, three-year and five-year ARMs are available
- Rates may be based on the one-year Constant Maturity Treasury, the one-year LIBOR, the six-month LIBOR or the one-month LIBOR
- After the initial period of the loan, rates are subject to regular adjustments based on the value of the index (CMT or LIBOR) plus a margin
- Adjustable rate mortgages are offered up to $1,000,000
