Adjustable-Rate Mortgage
What is an Adjustable-Rate Mortgage (ARM)?
An adjustable-rate mortgage* (ARM) is a loan where the interest rate changes periodically. ARMs include an initial fixed-rate period. After the fixed-rate period is over, the interest rate adjusts based on the current interest rate market.
With Cornerstone's 7/6 ARM, your rate is fixed for the first 7 years of your mortgage. After, the rate will increase or decrease every 6 months based on market factors.
Why choose Cornerstone's 7/6 ARM?
If you have a minimum credit score of 660, Cornerstone's 7/6 ARM could give you more buying power in this competitive housing market.
- Lower interest and mortgage payments can leave you with more money to restock your savings.
- Creates more homebuying power for first-time homebuyers.
- Loan caps limit how much rates can adjust.
- Interest rate adjustment every 6 months after year 7, giving you time to possibly refinance at a lower fixed rate in the future.
*Subject to approval based on overall creditworthiness and satisfactory collateral. Property must be located in the state of Michigan or Ohio. Manufactured homes not eligible. Additional restrictions and conditions may apply.
