Adjustable Rate Mortgages

1-4 Family Owner Occupied Conventional Mortgages up to $417,000.

If you prefer an initially lower interest rate and the opportunity to save during future interest rate moves, you may be interested in an adjustable rate mortgage (ARM). As interest rates fall or rise, rates on these mortgages also fluctuate. The Provident Bank offers interest rate "caps" which prevent rates from rising too fast or too high over the life of your loan.

The following are our Conventional Adjustable Rates:

If you are purchasing a new home, please review our Pre-Approval program. If you are purchasing your first home, please review our First Time Home Buyer program.

Rates as of Friday, August 11, 2017

PointsInterest RateAnnual Percentage RatePayment per $1,000Fully Indexed RatePaymentsApply
5 TO 1 ARM Purchase / Refinance - Caps 2% / 6%
30 year term; 5 year fixed to 1 year adjustable
7 TO 1 ARM Purchase / Refinance - Caps 2% / 6%
30 year term; 7 year fixed to 1 year adjustable
  • Annual Percentage Rates (APR) are based on a $100,000 loan amount, 80% loan-to-value, 720 credit score, purchase or refinance with no cash out, single-family, owner-occupied property.
  • The maximum conventional loan amount of $417,000 applies to Essex county in Massachusetts and Rockingham county in New Hampshire. Other loan limits may apply to other counties.
  • Other loan programs are available. Maximum loan-to-value may differ based on loan amount, credit score and property type.
  • Initial Unit Cost represents the monthly payment during the initial fixed term based on a $1,000 loan at the stated rate for a 30 year term. These payments do not include taxes and insurance. Your actual payment will be greater.
  • The caps are the maximum interest rate changes for each adjustment and for the life of the loan.
  • At the adjustment, which could be in 5 or 7 years depending on product chosen, the maximum increase could be 2% with a maximum of 6% over the life of the loan. Maximum APR 18%.
  • Subject to credit approval. Normal underwriting terms and conditions apply.
  • Rates subject to change without notice.

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