Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

Conventional Adjustable-Rate Loans

Live your dream with flexible home loans at great rates.

We’ll help you get a home you can afford.

Adjustable-rate mortgages (ARMs) have an interest rate that changes periodically. That change depends on shifts in a financial index associated with the loan. These mortgages generally offer very competitive initial rates.

Perfect for you if:
  • You’re looking for a home at a great loan rate.
  • Your long-term plan may include selling your home.
  • You have flexibility in your yearly budget.

Loan Features

  • Your interest rate and monthly principal and interest (P&I) payments remain the same for an initial period of 5, 7, or 10 years, then adjust periodically.
  • Loans available for 30-year amortization schedules.
  • Interest rate caps set a limit on how high your interest rate can go.
  • You may be able to add extra features such as interest-only payments.

Loan Benefits

  • Typically ARMs have a lower initial interest rate than on a fixed-rate mortgage.
  • The interest rate cap limits the maximum amount your P&I payment may increase at each interest rate adjustment and over the life of the loan.
  • May provide flexibility if you expect future income growth or if you plan to move or refinance within a few years.

Considerations

  • Monthly principal and interest payments may increase when the interest rate adjusts.
  • Your monthly principal and interest payments may change every year after the initial fixed period is over.
  • Your interest rate and monthly principal and interest (P&I) payments remain the same for an initial period of 5, 7, or 10 years, then adjust periodically.

Terms

First Bank offers a wide range of ARM products. Our most popular ARM products include:

  • 5/1 ARMs: a fixed-rate for five years, an adjustment, and then change annually thereafter.
  • 7/1 ARMs: a fixed-rate for seven years, an adjustment, and then change annually thereafter.
  • 10/1 ARMs: a fixed-rate for ten years, an adjustment, and then change every ten years.

Apply online today

Applying for a First Bank mortgage is fast, easy and secure. Before you begin, have the following information on hand.

Financial Information
  • Income
  • Your total assets
  • Monthly expenses
Property Information
  • Estimated purchase price and down payment amount (if buying)
  • Estimated property value and loan amount (if refinancing)
Work with a local mortgage specialist

Loans are subject to credit approval.

For a $200,000 mortgage loan for a term of:

  • 5 year adjustable rate* of 4.375%, with an APR of 4.527%, the monthly payment would be $ 998.57.
  • 7 year adjustable rate* of 4.5%, with an APR of 4.653%, the monthly payment would be $1,013.37.
  • 10 year adjustable rate* of 4.625%, with an APR of 6.508%, the monthly payment would be $1,028.28.

Based on 20% down payment and 1% Origination Fee. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. These payments are based on recent interest rates and can vary based on individual credit.

*Adjustable interest rates and payments are subject to increase after the initial fixed-rate period (5 years for a 5/1 ARM, 7 years for a 7/1 ARM and 10 years for a 10/1 ARM).

Trending Topics

Find Remodeling Loans in Asheville, NC

First Bank offers remodeling loans in Asheville, NC, for homes or businesses to get you started on turning your vision into a reality. Our Asheville loan officers will work with you to establish a loan and complete the...

Where to Get 15-Year Mortgage Rates

If you’re ready to buy a home, you’re probably wondering where to get 15-year mortgage rates, or you may just be wondering what a mortgage is. First Bank will go over your options with you and help you determine what type...

What Is a Child Savings Account?

“What is a child savings account?” In a child savings account, you can deposit spare change, birthday money and other loose funds to accrue some interest throughout their childhood. This teaches children the lesson of “a...

Best Bank for Checking Account – South Carolina

With options like First Bank, you shouldn’t have to feel uncertain about whether or not you’re making the right choices with your hard earned cash. Make the switch to First Bank and you’ll see why we are the best bank for...

What is the SBA?

If you have a business plan but are having trouble acquiring a bank loan, consider reaching out to the Small Business Association (SBA). The SBA is a government-affiliated organization that provides small businesses with a...

Five Reasons to Refinance Your Mortgage

Banking professionals suggest mortgage refinancing when homeowners want to replace their current loan with a new one, often to reduce monthly payments or lower interest rates. With a mortgage refinance, your current loan...

Asheville Savings

First Bank in Asheville offers savings accounts for anyone looking to get the most out of their money. Whether you’re under 18 and just starting to learn about saving or saving for your future retirement, First Bank has a...

Loan for a Brewery – Asheville NC

Need a Loan for your Brewery in Asheville? Breweries have become a booming business across the state in recent years, particularly in Asheville. Between 2006 and 2013, the number of breweries in North Carolina skyrocketed...

Mortgage Basics 101

Understanding mortgages can be difficult, which is why we’ve put together some information to guide you through the mortgage basics. You don’t need an advanced degree in economics to understand the financing of your home....

Compare Checking Accounts at North Carolina Banks

You’re likely already aware of the importance of performing a checking account comparison before making a final decision. It can be difficult to navigate the many options and select the account that offers the most...