Enjoy Your Home With a Worry-Free, Affordable Mortgage
What's so great about OUR Adjustable Mortgages? Low rates, minimal closing costs and no annual fee!
I'm nervous about adjustable rate mortgages. Are they a good idea? Adjustable Rate Mortgages, or ARMs, have developed a poor reputation in recent years. That's unfortunate, because much like financial institutions, all adjustable mortgages are NOT equal. The fact is, a well structured adjustable rate mortgage can provide an affordable financing opportunity. Rest assured, with a Northland ARM there will never be surprise increases or skyrocketing rates.
Do rates always go up? Could my rate ever go down? Each adjustment period, your rate can change by as much as 2%. The rate is based on the current value of Treasury Bills and can raise, lower or stay exactly the same. However, it will never go lower than the current rate, nor will it raise by more than 6% APR over the entire life of the loan.
Can I apply for refinancing at these rates? Absolutely! We're here to help you find the right mortgage for your needs. Give us a call at 989-739-1401 or stop by your favorite Northland branch and let's talk about it!
These are some of the great products we offer:
- Home Equity Mortgages and Lines of Credit
- Long and Short Term Fixed Rate Mortgages
- Veterans Administration (VA) Mortgage Loans
- Rural Development Mortgage Loans with low down payments
- Adjustable Closed End Mortgage Loans
| Type | Rate | APR* |
|---|---|---|
| 5 Yr Adj HELOC | 7.99% | |
| *APR = Annual Percentage Rate. This loan is adjustable and will reset every five years; the annual percentage rate may vary after the account is opened.. Published rate on date stated is subject to change without notice. Rate stated is “as low as” based on the 5 year T-bill and adjustments and restriction may apply, and not all borrowers may qualify. Minimum floor rate is 4.0%APR and maximum rate that may be imposed is 13.99%APR or the maximum allowed by law. Rate and APR advertised assumes the loan is for an owner occupied, primary or secondary residence, single family stick built home, with a refinance amount of $200,000, at 80% LTV with a FICO credit score of 700 or better, with a draw period of 5 years, and a repayment period of 15 years; assuming a $300.00 closing fee. Mortgage loan payment example assuming: A $200,000 loan amount on a primary home with 80% LTV, an excellent credit score, a 180 month repayment term and an initial rate of 7.99% APR. The monthly payments would be about $1,916.73 which does not include PMI premiums, property tax escrow amounts or other insurance premium amounts, which will increase your monthly payment obligation. | ||
| Type | Rate As Low As | APR* As Low As |
|---|---|---|
| 15 Year Fixed* | 6.375% | 6.43% |
| 30 Year Fixed* | 6.75% | 6.79% |
| VA Mortgage* | 6.75% | 7.14% |
| Rural Development* | 7.25% | 7.76% |
| * APR = Annual Percentage Rate. Published rate on date stated is subject to change without notice. Rate stated is “as low as” and not all borrowers may qualify. Rate and APR advertised assumes the loan is for an owner-occupied, single family, stick built, one-unit purchase transaction with a loan amount of $200,000, at 80% LTV with a FICO Credit Score of 700 or better. The disclosed APR includes origination fees and other finance charges. The APR’s disclosed above assume closing costs of $3,332. Your actual closing costs may vary based on your individual transaction. If your down payment is less than 20%, you may be required to obtain Private Mortgage Insurance (“PMI”) and to escrow for property taxes and insurance. Mortgage loan payment example assuming: A $200,000 loan amount on a primary home with 20% down, an excellent credit score, a 360 month term and a fixed rate of 6.375% APR. The monthly payments would be about $1,4247.74 which does not include PMI premiums, property tax escrow amounts or other insurance premium amounts, which will increase your monthly payment obligation. | ||
| 5 Yr Adj Closed End Mortgage** | 7.79% | 7.82% |
| ARM Unimproved Land** | 10.29% | 10.32% |
| ARM Investment Property** | 8.79% | 8.82% |
| **APR = Annual Percentage Rate. This loan is adjustable and will reset every five years; the annual percentage rate may vary after the account is opened. Published rate on date stated is subject to change without notice. Rate stated is “as low as” based on the 5 year T-bill and adjustments and restriction may apply, and not all borrowers may qualify. Minimum floor rate is 4.0%APR and maximum rate that may be imposed is 13.49%APR or the maximum allowed by law. Rate and APR advertised assumes the loan is for an owner occupied, primary residence, and single family, stick built unit purchase with a loan amount of $200,000, LTV 80%, and FICO credit score of 700 or higher, with a 30 year repayment period. The APR’s disclosed above assumes closing costs of $3,138. Mortgage loan payment example assuming: A $200,000 loan amount on a primary home with 20% down, an excellent credit score, a 360 month term and an initial rate of 7.79% APR. The monthly payments would be about $1,1438.36 which does not include PMI premiums, property tax escrow amounts or other insurance premium amounts, which will increase your monthly payment obligation. | ||
Could a Northland mortgage be right for you?
Let's talk about it! Call 989-739-1401 today!
NMLS 463831
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