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Adjustable-Rate Mortgages
An Adjustable-Rate Mortgage, or ARM, offers a lower interest rate and payments that are fixed for an initial period, then converts to a higher rate for a subsequent specified period. For example, if you have a Bronco 1/1 ARM, your initial rate will be locked in for one year, then it will adjust annually each year afterward, based on the rate established by the Federal Reserve Board.
ARMs are beneficial for people who want to take advantage of low rates for the initial term then plan to refinance. They’re also good for people who only plan to be in their homes for a short period of time, such as military families who get transferred every couple of years.
A Bronco Adjustable-Rate Mortgage offers you:
- Competitive adjustable rates based on creditworthiness, loan amount and term of loan
- The ability to get into a house at a lower initial rate
- The option to refinance when it’s time for your initial rate to be adjusted
- A smart mortgage option if you’re not planning to live in the home for a long time
- A friendly Bronco Real Estate Lending Specialist to walk you through the process
- The convenience and service of a community financial resource
When you're ready to discuss options, our Mortgage Loan Officers are ready, too. Call West Bryant at 757.569.3760 or Amy Cutchins at 757.569.3764 or Kerry Daughety at 757-942-8458. To purchase or refinance a property, apply online by clicking here. If you have questions about membership, call 757.569.6000 or email us.
Must maintain adequate insurance. 5% penalty for late payments. Interest rate is determined by credit score. See a Real Estate Loan Specialist or contact us at 757.569.6000 for more details. Membership eligibility required.