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.
the dormer of a brick house

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.

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.

Terms1

First Bank offers the following ARM products:

  • 5/1 ARMs: a fixed-rate for 62 months, 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 annually thereafter.

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. Loan product subject to change.

1For a $300,000 mortgage loan for a term of:

  • 5/1 adjustable rate of 4.75%2, with an APR of 6.53%, the monthly payment would be $1,564.94.
  • 7/1 adjustable rate of 4.875%2, with an APR of 6.305%, the monthly payment would be $1,587.62.
  • 10/1 adjustable rate of 5.00%2, with an APR of 6.016%, the monthly payment would be $1,610.46.

Based on 80% loan to value 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.

2Adjustable interest rates and payments are subject to increase after the initial fixed-rate period (62 months for a 5/1 ARM, 7 years for a 7/1 ARM and 10 years for a 10/1 ARM).

Trending Topics

Banks in High Point, NC

If you’re running a comparison between banks in High Point, NC, you can use First Bank as the standard. We’ve set the bar high and are proud to be the place that other banks in High Point, NC, strive to be. Our Bank’s High...

What Are 30-Year FHA Mortgage Rates?

If you are considering applying for an FHA loan to purchase a home, you may be wondering, “What are 30-year FHA mortgage rates?” If you want to find out what the current average 30-year FHA mortgage rates are, the most...

Local Banks Near Me

When looking for local banks near you, look no further than your neighborhood First Bank. With locations across North Carolina and South Carolina, you can count on us for all of your banking needs. When you bank with First...

Best Savings Account – North Carolina

Finding some of the best savings account in North Carolina may seem like a difficult task. After all, there are hundreds of North Carolina banks offering savings accounts. How do you go about determining which account is...

Hassle-Free Savings Account – High Point, NC

Saving your hard earned cash shouldn’t be a hassle. At First Bank in High Point, NC, we understand the importance of saving and we want to make sure our customers aren’t worried about their savings accounts. First Bank...

Get the Best Checking Accounts from First Bank in Wilmington, NC

If you are looking for some of the best checking accounts in Wilmington, NC, you are in the right place. With several convenient locations in Wilmington, each offering six types of checking accounts, it’s easy to see...

The Best Online Mortgage Calculator in Charlotte, NC

Are you in search of a new home? Perhaps if you are in the Charlotte area you have wondered if Plaza Midwood, Arbor Glen, or South End are the best locations to look in to. Or maybe you are searching for a home in the...

Checking Account Comparison – South Carolina

With over 75 banks located in the state of South Carolina, checking account comparison can be overwhelming. If you live in South Carolina and are looking at opening a checking account, consider stopping in at First Bank....

What is the Best Bank for Small Business?

If you own or plan to own a small business, you might be asking yourself, “What is the best bank for a small business?” With our history founded on the values of small business and by providing many banking options...

Savings Account Interest Rates in North Carolina

Whether you’re saving for retirement or starting a college fund, having the right savings account can help you reach your financial goals. With some of the most competitive savings account interest rates in North Carolina,...