Boost your buying power with a 5/5 Adjustable Mortgage Rate (ARM) jumbo loan.
Benefits of Advantage 55:
• Large loan amounts above $417,000, up to $3,000,000
• Lower monthly mortgage payments during the first years of homeownership
• Lower initial rate that may adjust only once every 5 years for the life of the loan with a max 2% change at adjustment and a lifetime cap of 5% above the initial rate1
• ARM rates may be comparatively lower than fixed rates
• May provide significant savings for borrowers who plan to move and/or sell their home before the first interest rate adjustment
Know the facts.
An ARM is a mortgage with an interest rate that is fixed for a specific period of time, then changes at scheduled dates to reflect market conditions.
If your interest rate increases at adjustment, you may experience “payment shock” if your monthly payments increase to an amount you may not be able to maintain along with your other monthly obligations. Borrowers without sufficient income to manage a potentially increasing payment if refinancing or sale is not an option could be at risk of losing their home.
Prosperity Home Mortgage is a responsible lender and cares about our clients’ long-term financial well being. Carefully consider each of your home financing options to determine the home loan that is right for you.
1. Rates may vary and are subject to change after consummation. The initial rate can change every 5 years by no more than 2 percentage points up or down, never to exceed 5 percentage points above the initial rate. When the rate adjusts, your new rate will be the then current index plus margin, which is currently set to 2.00 for the new products, as long as it does not exceed the 2% adjustment cap.
A. Liza Gibboney
Mortgage Consultant, NMLS#243062
Prosperity Home Mortgage, LLC
4701 Columbus Street, Suite 300
Virginia Beach, VA 23462
Office: 757-490-9200
Cell: 757-630-9604
Fax: 703-293-4125
[email protected]
All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Licensed by the NJ Department of Banking and Insurance. Also licensed in Delaware, District of Columbia, Maryland, North Carolina, Pennsylvania, South Carolina, Virginia, and West Virginia. NMLS ID #70353 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)
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