15-Year Fixed and 10/5 ARM Mortgage Specials
15-Year Fixed Mortgage
Looking for a short-term mortgage or refinance? At South Shore Bank we are offering a special on our 15-year mortgage. This mortgage is perfect for our clients who can make a higher monthly payment with the benefit of paying less interest than you would with a 30-year mortgage.
What is a 10/5 Adjustable-Rate Mortgage (ARM)? With this type of mortgage your initial interest rate is fixed for the first 10 years. Then your rate is subject to change every 5 years for the remainder of the 30-year term.
*The Annual Percentage Rate (APR) is based on a $300,000.00 loan with 20% down payment, for purchase money or no-cash out refinance loan on a 1-unit single family primary residence, assuming a FICO of 740, and a 45-day rate lock period. A 15-year loan for $300,000 with 20% down payment would result in 180 monthly payments of $2,000.37. The rates and payment examples do not include escrowed tax and insurance payments. A 30-year 10/5 ARM loan for $300,000 with 20% down payment would result in the initial 120 months payments of $1,224.72 and 240 months payments remaining with a maximum possible payment of $1,996.25. This rate does not include escrowed tax and insurance payments. The 15-year loan term is 15 years, and the 10/5 ARM is a 30 year amortizing loan with a 10 year fixed period with subsequent adjustments occurring every 5 years with a maximum periodic change in rate of 2%. Neither loan will have a balloon payment. Private Mortgage Insurance (PMI) required on loans with Loan-to-Value (LTV) greater than 80%, PMI will increase APR. Additional rates and fees may be assessed due to LTV, type of loan, FICO score, type of property and type of occupancy. For adjustable rate loans, interest rate and payment may increase after the initial fixed period. The APR is accurate as of 3/31/2021. Offer of credit is subject to credit approval.