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5 Year No Closing Cost Refinance ARM

Features & benefits 

  • Dollar Bank will pay your closing costs. Also, the adjustable-rate mortgage provides the security of a fixed-rate payment for the first five years.
  • Save hundreds of dollars with no closing costs and no prepayment penalties. Your payment will also remain the same for five years - no negative amortization.

Disadvantage: 

If the worst-case scenario occurs (a maximum rate increase of 2% per year or a lifetime increase of 5%), it could mean significant changes to your payments after the first five years.

Tip: 

When considering an adjustable-rate mortgage, calculate your monthly payment in the worst-case scenario. If this fits your budget and is an acceptable risk level, the No Closing Cost Refinance ARM may save you money in the long run.

Mortgage details

Loan purposeLoan
amount
Maximum
loan-to-value
Mortgage
insurance
required
Terms
(years)
No Cash-Out Refinance$75,000-$650,0000.00%-80.00%No15, 20, 25, 30
Cash-Out Refinance$75,000-$650,0000.00%-80.00%No15, 20, 25, 30

Displayed product information is valid for a one unit property only. For information on a property with more than one unit, please call 1-877-261-2820.

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