Adjustable Rate Mortgage

Adjustable-Rate Mortgage Features

An adjustable-rate mortgage offers buyers financial flexibility with its reduced initial rate. Over the course of the loan, the interest rate adjusts periodically. The option is popular among buyers looking for a lower interest rate at the beginning.
Reduce your monthly payments.
This loan may be a good choice if you anticipate a rise in income or are planning to move or refinance before the introductory period ends.

Effective as of 12/6/2023

Product	Term	Initial Interest Rate	Fully Indexed Rate ^*	Points	APR¹	Monthly P&I² Payment (per $1,000) Payment amounts do not include taxes and insurance. Your payments may be greater.
5/6 ARM³	30 years	6.490%	8.375%	0.000	7.666%	60 payments of $6.31 300 payments of $7.46
7/6 ARM³	30 years	6.750%	8.375%	0.000	7.580%	84 payments of $6.49 276 payments of $7.43

All rates are subject to change without notice. If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.

* The Fully Indexed Rate is rounded to the nearest 1/8.

1 Annual Percentage Rate (APR) is based on a single-family primary residence property with a loan amount of $400,000 and using the current 30-day SOFR average index. APR is subject to change based on factors such as points, loan amount, loan-to-value, borrower’s credit and property type. All rates are subject to change without notice. Subject to credit approval.

2 Principal and Interest (P&I)

3 Adjustable Rate Mortgage (ARM) Rates are available on a 1 unit, primary residence, purchase or rate and term refinance up to the conforming loan limit. Maximum loan to value of 80% and with a FICO Score of 700 or a loan to value of 75% and with a FICO Score of 680. Rates may vary based on other scenarios. All rates are subject to change without notice. The adjustable rate programs are based on a 30-year term. Rates and payments (number of payments 61-360 or 85-360, based on program) after the initial fixed period (either five or seven years, based on program) on ARM programs are based on the margin plus the current index.The interest rate on adjustable rate programs may increase after the initial term, the rate may change every 6 months and is based on the 30-day SOFR average index as published by the Federal Reserve Bank of New York plus a margin of 3.00%. StonehamBank updates the SOFR index weekly each Wednesday. It's important to note that potential increase applies to overall payment, not just the rate. Subject to credit approval.