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.
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.
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.