 An ARM can be easier on your wallet, help you qualify for a larger mortgage, and could be much less expensive over time. It offers you a lower starting interest rate, which can give you lower initial monthly payments and make it easier for you to qualify. Lifetime interest rate caps can protect you and help keep your interest rate and payments within your reach.
Terms: 1,
3/1, 5/1, 7/1 and 10/1 ARMs with terms of 10 - 30
years
Loan-to-Value: Loan-to-value
refers to the ratio of the mortgage loan's principal
to the property's appraised value or its sales price,
whichever is lower. For adjustable rate loans, the
maximum LTV on some products is 103%.
Loan Amount Limits: Maximum
of $2,000,000.
In addition, Regions offers government-supported adjustable-rate financing
options such as FHA loans, which are backed by the Federal Housing Administration.
Please contact your nearest Regions office for terms, loan limits and other
details on FHA loans.
Sample Payment Schedule
| Adjustable Rate Mortgages |
| Loan Amount: |
$80,000.00 |
| Loan to Value %: |
80% |
| Interest Rate: |
4.000% |
| Fixed Period: |
5 years |
| APR: |
5.062% |
| Beginning Payment: |
$381.94 |
| Minimum Possible Payment: |
$333.80 |
| Maximum Possible Payment: |
$657.33 |
| Amortization Term: |
30 Years |
|
This is a sample payment schedule, provided in accordance with Regulation Z, Truth-In-Lending, section 226.24(c)(2)(ii)&(iii). Payments will vary depending on ARM program selected and market interest rate on scheduled change dates.
Loan specific disclosures will be provided upon application.
*APR Calculated based on 4.000% interest rate. |
|
|
Search Regions
