Adjustable-Rate Mortgages
An ARM generally offers a lower rate than a 30-year fixed. Having an initial low fixed rate that adjusts after a period of time makes these mortgages an attractive solution.
Get access to a 30-year term and a lower rate for part of that time
If you want to get into a home at one of our lowest rates, an Adjustable Rate Mortgage (ARM) from Amegy Bank may be the answer. Our popular ARMs feature an initial fixed-rate period with a variety of terms.
Benefits you should know about
Advantages
- An interest rate that typically is more competitive than a 30-year fixed rate.
- Lower rates and fixed payments for a longer period than most ARMs.
- Choose from a variety of loan terms up to 30 years.
- Loan decisions are made locally for faster turnarounds and approvals.
- Make an early pay off or pay down with no prepayment penalties.
Things to think about
Considerations
- Example: A "10/1 loan" has a fixed monthly payment and interest rate for 10 years, then adjusts to then-current rates every year after for the life of the loan.
- Conventional loans are available up to $766,550 in Texas.
- Jumbo Loans are loan amounts greater than $766,550. Ask for details.
- Instead of choosing other 30-year loans, you can own your home twice as fast with a 15-year mortgage.
- Private Mortgage Insurance (PMI) may be required for loans with down payments less than 20%.
Keep your rate and your payments steady over time.
Move In With A Low, Low Rate
ARMs offer an initial fixed rate period with a variety of term options. After that, the rate adjusts and will continue to adjust. However, the initial rate is usually more competitive than a 30-year fixed rate.
The Possibility Of Falling Rates
If interest rates are falling, you may be able to achieve lower interest rates and lower payment without the need to refinance. The new adjusted rates are based on current market rates.
Use Relationship Pricing To Pay Less
Relationship Pricing is available on new adjustable rate mortgages only. Applicable for new or existing Amegy Bank deposit and/or wealth balances totaling a minimum of $250,000. Zions Direct accounts, business operating accounts, and CDs are ineligible products for meeting the balance requirement. Relationship Pricing program is subject to change at any time.
Put 20% Down to Avoid PMI
With a conventional mortgage, you may need to purchase and pay for Private Mortgage Insurance (PMI) if your down payment is below 20% of the sales price. Bottom line? It helps to have 20% down when you buy.
Apply today for your home loan.
It only takes about 15 minutes to apply using this application. Be ready with: Social Security Number and date of birth (borrower and co-borrower), home address and phone number (mailing address if different from home), previous address (if at residence less than 2 years) and gross monthly income.
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