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 purpose | Loan amount | Maximum loan-to-value | Mortgage insurance required | Terms (years) |
|---|---|---|---|---|
| No Cash-Out Refinance | $75,000-$650,000 | 0.00%-80.00% | No | 15, 20, 25, 30 |
| Cash-Out Refinance | $75,000-$650,000 | 0.00%-80.00% | No | 15, 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.
