Two Step Advantage (15/15 ARM)

Boost your buying power with the Arkell Barnes Two Step Advantage (15/15 ARM).

Features of the Arkell Barnes Two Step Advantage (15/15 ARM) include:

• Combines the low rate of an ARM with the stability of a fixed rate mortgage.
• Only 1 interest rate adjustment during the entire life of the loan. 
• Available on purchases and refinances with loan amounts from $424,101 – $2 million.
• Eligible for purchase or refinance of a primary residence or second home.
• Simultaneous home equity line of credit, or HELOC, options may be available

The Arkell Barnes Two Step Advantage loan may be right for you if:

• You are planning to move again in the next 15 years.
• You are considering a 15 year loan term but are concerned about the higher payments.
• You want the lower payment offered by an ARM product but are concerned about the risks associated with an adjustable interest rate.

Available on purchases and refinances up to $2 million for 1-2 unit properties. Not available for applications without a property address (pre-purchase). Investment properties are not eligible. The initial rate is fixed for 15 years (180 months). When the rate adjusts, the new rate will become the then-current index (weekly average yield on US Treasury securities adjusted to a constant maturity of 10 years) plus a margin of one percentage (1.000%) point, rounding to the nearest 0.125%. The new rate cannot exceed 6.000% above the initial rate or cannot be lower than the floor rate of 1.000%. Other restrictions may apply.