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 3, 5, or 7 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

First Bank is One of the Top Banks in the U.S.A.

When searching for the top banks in the U.S., it is often smarter to work with a small community bank over a national bank. Small banks often have deeper connections to the community and are invested in the success of...

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...

Get a Convenient Student Checking Account Today

Wondering where to get a student checking account? At First Bank, we know that the last thing students need to worry about as they continue their education is managing their money alone. With our Campus Checking account,...

Where to Get Physician Mortgage Loans

If you’re a business-minded professional looking for a mortgage loan with a competitive rate, you’re in luck. First Bank is pleased to be the place to secure physician mortgage loans. We offer professional mortgage loans...

Read These Articles on Personal Financing

Knowing your finances is the first step to properly managing them and to ensuring you are in good financial standing. But how do you get started? Reading personal financing articles can be a huge help when it comes to...

What Is the Best Savings Account for Kids

The success of child savings accounts has been well documented. We can probably all agree that a savings account for kids is a good decision, but what is the best savings account for kids? First Bank offers a savings...

Best Small Business Bank – North Carolina

If you’re looking for the best small business bank in North Carolina, the search ends with First Bank. First Bank’s doors first opened in 1935 to serve farmers and local businesses when the small town of Troy, NC, lost its...

Budgeting Tips for Newlyweds

Work together to spend less, save more, and secure your financial future.

High Interest Checking Accounts In Albemarle, NC

It was not far from Albemarle, NC where in 1799 the 17-pound hunk of gold was found that sparked America’s first gold rush. While you may not strike it rich mining for gold, a high-interest checking account from First Bank...

Small Business Loans – Jacksonville NC

Recently, Forbes named Jacksonville, NC #25 in cost of business rankings. The thriving business appeal makes Jacksonville a clear choice for entrepreneurs looking to start or expand a small business. First Bank’s...