What is an Adjustable Rate Mortgage?

An adjustable rate mortgage is a loan in which the interest rate can fluctuate during the term of the loan. There are many reasons why borrowers may choose an adjustable rate mortgage.

Adjustable Rate Mortgage Advantages

• Low initial rates and payments.
• Lifetime cap on rate adjustments limited to 6% over the introductory rate.
• Mortgage loans are available in all states except Texas.
• For purchase or refinance.

Adjustable Rate Mortgage Property Types

Owner occupied properties can be: one, two, three or four units, condominium, planned unit development and cooperative* (co-op) property types.

Second homes can be: one unit, condominium, and cooperative* (co-op) property types.

Non-owner occupied properties can be: one, two, three or four units, condominium, and planned unit developments property types.**

*Bethpage will consider lending in the following areas on cooperative property types: New York City, Queens, Kings, Staten Island, Bronx, Nassau, Suffolk, and Westchester Counties in NY; Bergen, Hudson, and Monmouth Counties in NJ; Fairfield, and New Haven Counties in CT. Minimum units in project = 10.

**Non-owner occupied property 7/1 ARM Program only.


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