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:
Rates as of Friday, August 11, 2017
|Points||Interest Rate||Annual Percentage Rate||Payment per $1,000||Fully Indexed Rate||Payments||Apply|
|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