The Smart Rate Adjustable Rate Mortgage offers a lower interest rate than a fixed rate loan—typically more than 1% lower. This lower rate saves you about $12,000 over the first five years. Think about what you could do with all those extra savings! After that, the interest rate adjusts to the Prime Rate once per year. You’re not charged a margin or markup.
Our Rate Relock gives you control to relock your rate for up to five more years anytime during the entire life of your loan. You can relock your rate for up to five additional years to the current 3/1 or 5/1 rate as often as you want, any time you want, saving you thousands of dollars compared to the cost of refinancing – no mortgage application or home appraisal is required. Rate Relock even allows you to relock your rate every three to five years, so you’re never without a fixed rate commitment. With Rate Relock, you'll never have to refinance again!
- 3/1 and 5/1 Smart Rates available
- Rate Relock (relock your rate as often as you like)
- No PMI with 85% loan to value
- Jumbo loans at discounted rates
- $295 low closing cost options available
- 10, 15, and 30-year terms available
- Indexed to the Prime Rate (no margin or markup)
- Periodic rate cap +/-2%
- Lifetime rate cap of initial rate +6%