Option ARM - CT, ME, MA, NH, RI, VT

First Patriot Mortgage - mortgages and refinance loans in MA

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Option ARM

The Option Arm has a start rate as low as 1.25%. It is an adjustable rate mortgage based on either of two indexes. It is a loan program that provides both stability and flexibility. The stability is from the fact that the indexes are based on a 12 month rolling average or weighted average. The flexibility gives you four payment options every month (minimum, interest only, principal and interest based on a 30yr schedule or principal and interest based on a 15yr schedule). The index is the part that adjusts every month. Your margin is added to the index every month to determine your rate. The margin will remain fixed over the life of the loan. The program also has caps. Your minimum payment has an annual cap of 7.5%. There is a deferment cap of 125% and there is a lifetime cap of 8.95%. There is also a recast every five years.

A First Patriot loan officer can assist you in determining which Option Arm is the best choice for your particular needs.

"Until we talked to the First Patriot professionals, I had no idea getting pre-approved could be done so quickly. Our loan officer, Jeff, made the mortgage process understandable and helped us make some big decisions towards buying our first home."
- Scott and Mary Beth Hamwey, Boston, MA

First Patriot Mortgage • 701 Broadway, Suite 2 • Revere, MA 02151 • 800-390-2993 • mortgages@firstpatriot.com
Licensed in MA, NH, VT, ME, CT, RI