Park Bank's Adustable-Rate Mortgage programs offer an attractive alternative for those who plan to own their homes for the time of the initial fixed portion of the loan or less.*
The loan is fixed for the initial adjustment period and then adjusts annually based on an index, such as the One-Year Treasury Bill rate plus a margin. A 5/1 ARM, for example, is fixed for five years and adjusts each year thereafter.
ARM loans have annual and lifetime caps in case of an extreme change in the indexed rate. You could save a substantial amount of money by choosing an ARM loan that fits your specific situation. Ask a Park Bank mortgage lender whether an ARM loan is right for you.
*Subject to credit approval.
