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Personal Overview > Loans > Mortgages > Adjustable-Rate Mortgage
Summary
- The interest rate may change periodically based on a predetermined margin and index.
- Available in periods of 1, 3, 5 and 7 years.
- Your buying power may increase because adjustable rate are usually lower than fixed rates.
- Down payment may be as low as 5% (Private Mortgage Insurance may be required).
- Costs include a low application fee (non-refundable) plus closing costs which may include points. Reserves for taxes and insurance may be required.
- Must meet Lorain National Bank’s underwriting guidelines.
- Enjoy the convenience of having your home loan payment automatically deducted from your Lorain National Bank checking account.
- Our Loan Officers can meet with you—at your home or office—to discuss your loan application.
Current Interest Rates
| Adjustable Rate Mortgage (ARM) Options |
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Term
|
Rate
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Annual Percentage Rate
|
Frequency of Adjustments
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Adjustment Caps
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3 years |
5.375 |
5.616 |
3/1 |
2/6 |
5 years |
5.750 |
5.916 |
5/1 |
2/6 |
Note: 1-4 family owner occupied. APR is calculated using
a $175,000 mortgage. Not every customer will
qualify for this rate. See a
Loan Officer for details. All rates subject to credit approval and accurate as of May 1, 2008. Base rates for customers with a credit score of 680 or higher. Other rates & plans available.
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George Marolla 
