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Scott & Margaret C.-Takoma Park, MD.

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Adjustable rate mortgage (ARM) products

The interest rate on this loan will be fixed for a stated period of time and will then become adjustable for the remainder of the loan. For example, a 5-year fixed (30-year) loan would have a fixed interest rate for the first five years and then convert to an adjustable rate for the remaining 25 years.

This adjustment is based on changes in a pre-selected index, and will take place according to a pre-defined schedule (generally every six months or every year). Your interest rate and monthly payment will fluctuate based on changes in your index. The most common indices are the Treasury Bill, LIBOR and COFI.

Adjustable rate loans have more risk due to the possibility that the interest rate could increase. However, because you are assuming additional risk the lender will generally reward you with a lower interest rate and monthly payment during the initial fixed interest period. These loans are of particular benefit to borrowers that plan to either sell the property or refinance before reaching the adjustable period.

We offer the following adjustable rate mortgages:

    Term

  • 10 Year Fixed (30 year)
  • 7 Year Fixed (30 year)
  • 5 Year Fixed (30 year)
  • 3 Year Fixed (30 year)
  • 1 Year Fixed (30 year)
  • 6 Month Fixed (30 year)