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Adjustable Rate Mortgages

3, 5, 7, and 10-Year Adjustable Rate Mortgages

Your principal and interest payments will be fixed for a period of time: 3, 5, 7 or 10 years. During the initial fixed period of the loan, you will generally get a lower monthly payment and rate than with a traditional 30-year fixed mortgage. After the initial fixed period, your loan has an adjustable rate based on the index of your choice.

When to choose this type of loan:

·		If you want monthly payments that are generally lower than for a traditional mortgage
·		If you plan to keep your loan for ten years or less, or if you are uncertain how long you will keep your loan
·		If you plan to use your home equity within seven years
·		If you want the security of a fixed rate but not lose the savings that an ARM offers

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Minimum 5-10% equity required on some programs
Adjustment periods each 6-12 months
Maximum Interest Rate Life caps of 5-6% on most programs
Periodic Interest Rate Adjustment caps of 1-2% on most programs
Choice of LIBOR, COFI, MTA or T-Bill Indexes
Assumable during adjustable period (restrictions and conditions apply)
Conversion option available on some programs

Restrictions apply. Program terms are subject to change. Some products not available in all states. Detailed program disclosures available.

Benchmark Lending Group, Inc. is an Equal Housing Lender.

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