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The Provident Bank
 

 

 

 

CONVENTIONAL Adjustable Rate Mortgages

 1-4 Family Owner Occupied Conventional Mortgages up to $465,750.

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             (Click here for Fixed Rates)

Rates as of Friday, February 3, 2012
Points Interest Rate Annual Percentage Rate Payment per $1,000 Fully Indexed Rate Payments Apply
3 TO 1 ARM Purchase / Refinance - Caps 2% / 6%
30 year term; 3 year fixed to 1 year adjustable
0.000 3.125% 2.960% $4.28 2.875% Show Payments and Rates
5 TO 1 ARM Purchase / Refinance - Caps 2% / 6%
30 year term; 5 year fixed to 1 year adjustable
0.000 3.625% 3.168% $4.56 2.875% Show Payments and Rates
7 TO 1 ARM Purchase / Refinance - Caps 2% / 6%
30 year term; 7 year fixed to 1 year adjustable
0.000 3.875% 3.372% $4.70 2.875% Show Payments and Rates
 

 
Adjustable Mortgage Unit Cost at First Change Date
1-4 family Owner Occupied Residential Loans up to $465,750.

Program
Unit Cost @
1st change
3 To 1 ARM - Caps 2% / 6 %
$4.16
5 TO 1 ARM - Caps 2% / 6 %
 $4.20
7 To 1 ARM - Caps 2% / 6 %
 $4.25

  • Annual Percentage Rates (APR) are based on a $100,000 loan amount, 80% loan-to-value, 720 minimum credit score, purchase or refinance with no cash out, single-family, owner-occupied property.
  • The maximum conventional loan amount of $465,750 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.
  • A Risk-Based Fee may apply based on a combination of the loan amount, loan-to-value, credit score, loan purpose, property type and occupancy status, which will impact the APR.
  • 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 might 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 3, 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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