Adjustable Rate Mortgage (ARM)

Account Description
  • The interest rate can change periodically based on a predetermined index and margin
  • Available in adjustment periods of 1, 3, 5 and 7 years
  • Buying power may increase because adjustable rates are traditionally lower than fixed rates
Down Payment
  • Down payment can be as low as 10% for some programs (Private mortgage insurance may be required.)
  • Costs include a low application fee (non-refundable) plus closing costs which may include points
  • Reserves for taxes and insurance may by required
Eligibility
  • Applicants qualify according to First Federal of Lakewood Underwriting Guidelines.
  • Mortgage filing, hazard insurance, and flood determination is required.
Loan Limits Penalties/Restrictions
  • Late charge of 5% of the principal and interest payment if 15 days past due.
  • $30 fee for NSF checks and ACHs submitted for payment.

Account Features

Account Disclosure/Statements

Assistance

*Speak with a Mortgage Loan Specialist for full details, exceptions may apply.