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What is an Adjustable Rate Mortgage (ARM)?

If starting out with a lower monthly payment is important to you, then you may wish to consider an Adjustable Rate Mortgage (ARM). An ARM loan typically offers you an attractive interest rate for the first several years of your loan, then it adjusts annually for the remainder of your mortgage term.

Key Benefits

  • Enjoy an affordable monthly payment, lower than a fixed-rate mortgage.
  • Save money on interest payments if you plan to move or refinance within a few years.
  • An interest rate cap limits the amount by which your monthly payment can increase, at each ARM rate adjustment and over the life of the loan.

Useful Links & Documents

Do you have the perfect home in mind but cannot make a 20% down payment? Consider the Santander 80-10-10 Combination Loan, which enables a lower down payment with your adjustable rate (ARM) mortgage.
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Adjustable Rate Mortgage (ARM) Features

affordable interest payments

Affordable

Interest payments during the early years of your ARM loan will be generally lower than those of a fixed rate mortgage.

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Changeable

Your initial interest rate will remain the same for a period of 5, 7 or 10 years, depending on the mortgage you choose, and then adjust annually, based upon current interest rates.

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Protection

There's a limit to how high your monthly interest payment may go when your ARM loan rate adjusts, and over the life of the loan. Or you can refinance into a fixed rate mortgage if you prefer to lock in a rate.

First Time Home Buyer?

For first-time homebuyers, we can assist you in the process from getting you pre-approved to selecting the right loan option and getting you into your new home.

 

  • Avoid rent while creating a home that meets your needs and tastes.
  • Gain tax benefits by deducting mortgage interest and real estate property taxes on your Federal income tax returns. Consult your tax advisor.
  • Help build a strong credit history by making on-time mortgage payments.
  • Flexible income, down payment and credit guidelines.

Loan Calculators

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Pay no Monthly Fee with one deposit, withdrawal, transfer, payment, or purchase of any amount in a calendar month.

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Turbo charge your savings at Santander Bank.

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Saving for what you want has never been more rewarding.

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Home Equity Line of Credit (HELOC)

A Santander Home Equity Line of Credit (HELOC) can let you unlock the equity in your home for virtually anything life throws at you.

  • Use your line of credit for almost any need, such as home improvements, debt consolidation, or tuition payments.
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1 All loans subject to approval.

¤¤You can withdraw or transfer funds from a savings or money market savings account a total of six (6) times per service fee period (such as by automatic or pre-authorized transfers using telephone, Online Banking, or Mobile Banking, Overdraft Protection, Payments to third parties, Checks, Drafts, and Debit Card purchases). Fees apply if you exceed these limits and, if you repeatedly exceed these limits, we will convert your account to a non-interest bearing checking account.


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