Conventional Adjustable Rate Mortgage (ARM)1
Interest rate flexibility gives you options.
Enjoy lower interest rates and payments with a KeyBank conventional adjustable rate mortgage. After the initial fixed-rate period, interest rates may change periodically based on loan terms and market conditions.
Overview
| Interest Rate |
Varies once fixed-rate period ends |
|---|---|
| Fixed rate Period | 5, 7, or 10 years2 |
| Ideal if you |
Plan to refinance or move soon after purchasing |
Features
- Initial interest rate fixed for a specific time period at a lower rate, so you get an initial monthly payment that’s usually lower than that of a fixed rate mortgage.
- Available for one to four unit primary, secondary homes and investment properties.
Contact Us
We'll walk you through your options. With your rates, terms and benefits in hand, you'll have everything you need to take the next step.
NOTICE: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. All home lending products, including mortgage, home equity loans and home equity lines of credit, are subject to credit and collateral approval. Not all home lending products are available in all states. Hazard insurance and, if applicable, flood insurance are required on collateral property. Actual rates, fees, and terms are based on those offered as of the date of application and are subject to change without notice.
Adjustable Rate Mortgage (ARM) interest rates and payments are subject to increase after the initial fixed-rate period (5 years for a 5/6 mo. ARM, 7 years for a 7/6 mo. ARM, 10 years for a 10/6 mo. ARM) and assume a 30-year repayment term.
Typical loan payment examples for a 10/6 ARM are as follows: Monthly interest-only payments 1-120: $4,356.16 with an interest rate of 6.625% / 8.185% APR. Monthly principal and interest payments 121-359: $7,220.69 with an interest rate of 11.625% / 8.185% APR. Final monthly principal and interest payment of $7,212.07 with a rate of 6.625% / 8.185% APR.
Typical loan payment examples for a 7/6 ARM are as follows: Monthly interest-only payments 1-84: $4,356.16 with an interest rate of 6.625% / 8.840% APR. Monthly principal and interest payments 85-359: $7,475.33 with an interest rate of 6.625% / 8.840% APR. Final monthly principal and interest payment of $7,473.99 with a rate of 11.625% / 8.840% APR.
Typical loan payment examples for a 5/6 ARM are as follows: Monthly interest-only payments 1-60: $4,273.97 with an interest rate of 8.375% / 8.382% APR. Monthly principal and interest payments 61-359: $6,362.45 with an interest rate of 6.500% / 7.668% APR. Final monthly principal and interest payment of $5,975.78 with a rate of 8.500% / 7.668% APR.
NMLS# 399797. Equal Housing Lender.
