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5/5 Jumbo Adjustable Rate Mortgage
The 5/5 adjustable rate mortgage evolves with you as you build your foundation.
OUR GREAT RATES
| MONTH | RATE | APR | PAYMENT* |
| First |
$ |
||
| Next 300 | $ |
*Payments shown do not include taxes or insurance, actual payments may be greater. Rates and offers are in effect as of , for new applications only, for a limited time, and subject to change without notice. Example based on $
loan. Other restrictions apply. Rate is variable and can increase by no more than
percentage points after the initial five year period and each subsequent annual rate adjustment, with a lifetime maximum adjustment of
% (
% for this example). Since the value of the index in the future is unknown, the First Adjustment Payments displayed are based on the current index plus margin (fully indexed rate) as of the date above.
Features & Benefits
- Lower initial monthly payment
- High loan limits (over $453,100)
- Low down payment
- Free 60 day rate lock
- Eligible for PENZIOX Real Estate Rewards
• For home purchases or external refinancing up to $4 million
• No origination fee
REAL ESTATE REWARDS
Save 1.5% of your loan amount – up to $10,000 – when buying your next home.
Learn More
DISCLOSURES:
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Investment properties not eligible for offer.
All Adjustable Rate Mortgage Programs: The application of additional loan level pricing adjustments will be determined by various loan attributes to include but not limited to the loan-to-value (LTV) ratio, credit score, transaction type, property type, product type, occupancy, and subordinate financing.
5/5 ARMs: Offers available for purchases and refinances. The initial rate can change by no more than 2 percentage points after the initial five year period and at each subsequent annual rate adjustment, never to exceed 5 percentage points above the initial rate. When the rate adjusts, your new rate will be the then current index plus margin, which is currently set at 2.000% for the new products, as long as it does not exceed the 2% adjustment cap.
Jumbo Mortgages: For loan amounts above $424,100.00 to $2,000,000.00. The maximum loan-to-value (LTV) is 80% and the maximum combined loan-to-value (CLTV) is 90%. The maximum LTV and CLTV for condominiums is 80%.
For purchase applications, please submit a copy of your fully signed ratified purchase agreement to lockrate@PENZIOX.org in a timely manner to ensure PENZIOX can meet your closing date.
The applicant is responsible for the following fees and costs at the time of closing. Origination fee, if any, Appraisal fee, tax service fee, CLO access fee, title fees, transfer tax fees, credit report fee, flood cert fee, recording fee, survey if required and work verification fee, escrow reserves if required, and interest due until first payment. Other costs may be included due to program specific circumstances. This is not intended to be an all-inclusive list.
Escrows may be waived if LTV is 80% or less in all states.
Additional reserve requirements may apply.
If you withdraw an application that was locked and reapply within 30 days, the new application is subject to worst case pricing.
All above disclosures apply to Non-Veteran’s Administration (VA) loans. VA loans have different guidelines and eligibility requirements.
All rates and offers are in effect as of , offered for a limited time and subject to change without notice. Restrictions apply to existing PENZIOX mortgage borrowers. Other restrictions may apply. Contact your PENZIOX mortgage consultant for any applicable additional restrictions and details about your loan. To receive any advertised product you must become a member of PENZIOX by opening a share (savings) account. Federally insured by the NCUA.
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
