5/1 Adjustable Rate Mortgage
Some rates are too good to pass up!
- Purchase or refinance
- Financing up to $1,000,000
- Free pre-qualification
- Choose any repayment term between 10 and 30 years
As of 10/25/2013, an example using a $300,000.00, 30 year 5/1 Adjustable Rate Mortgage (ARM) with a 30% down payment has an APR of 3.017% and monthly P&I payment of $1,263.18 for the initial 60 months of the loan. The APR is subject to change. This example includes an interest rate of 2.990% for the initial 60 month period, and a fully index-based rate of 2.875% after the initial period, which would have a monthly P&I payment of $1,247.31. The interest rate and monthly payment after the initial period are based on the current index used for ARMs plus a margin. ARMs have an interest rate cap that limits the amount the interest rate can change during any adjustment period and over the life of the loan. The estimated monthly payments do not include taxes and insurance premiums, and the actual monthly payments will be greater. This program is available in NJ, NY and eastern PA for single family, owner-occupied properties, condominiums and co-ops. APR’s will be higher for co-ops and loans greater than $1,000,000. Cannot be combined with other offers. Subject to credit approval. Additional terms and conditions apply. This offer may be amended or withdrawn at any time. © 2013 Valley National Bank®. Member FDIC. All Rights Reserved.