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Adjustable-Rate Mortgages (ARM)

Low initial rates and flexible terms.

Featured Rate: 7/1 ARM

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Rate[1]
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APR[2]
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What is an Adjustable-Rate Mortgage?

An Adjustable-Rate Mortgage (ARM) from Bethpage is a mortgage that starts with a low fixed interest rate for 3, 5, 7, or 10 years, depending on the type of ARM you select. After the initial fixed period ends, the interest rate will then adjust at preset intervals based on the market index and terms of the loan selected.

The first number (7 years) refers to the number of years the initial rate will stay fixed.
The second number (1 year) refers to how frequently (in years) the interest rate will adjust after the fixed rate period ends.

An Adjustable Rate Mortgage might be right for you if:

lower monthly payment now

You want a lower monthly payment now.

An ARM typically has a lower interest rate (than that of a Fixed-Rate Mortgage) for the first years of the loan.

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You anticipate growth in your income over time.

A rising income can help you absorb higher monthly mortgage payments should your rate rise after the fixed-rate period ends.

plan to move or refinance within a few years

You plan to move or refinance within a few years.

With an ARM, you can keep your long-term options open while you save money on interest early on.

Today's ARM Mortgage Rates †

Rates as of

3/1 ARM

% Rate [1]

% APR [2]

5/1 ARM

% Rate [1]

%APR [2]

7/1 ARM

% Rate [1]

%APR [2]

10/1 ARM

%Rate [1]

%APR [2]

Adjustable-Rate Mortgage vs. Fixed-Rate Mortgage

Adjustable-Rate Mortgage Fixed-Rate Mortgage
The structure of the interest Fixed for an initial term then adjusts periodically Fixed for the life of the loan
Lower initial interest rate ✓
Monthly principal and interest payments never change ✓
No pre-payment penalties ✓ ✓

Why Bethpage?

  • Free rate lock*
  • Quick, free pre-qualification
  • Low closing costs
  • No pre-payment penalties
  • Interest-only ARM options available**
  • Dedicated loan consultant throughout process

FAQs

How do I know which type of mortgage is best for me?

How do I know which type of mortgage is best for me?

Many factors determine the type of mortgage that is best for you, including your current financial situation and the length of time you intend to stay in your home. At Bethpage, we offer a wide selection of mortgage options, and we encourage you to speak with a Bethpage Mortgage Loan Officer, who will help you make the most appropriate decision.

What is the Initial Rate Period?

What is the Initial Rate Period?

The initial rate period is the length of time — the first 3, 5, 7, or 10 years of the loan — during which the initial rate will remain fixed.

What is the Adjustment Period?

What is the Adjustment Period?

The adjustment period is the length of time that your new interest rate will remain in effect, once the initial period is over.

When the interest rate on an ARM adjusts, are there caps on how high it can go?

When the interest rate on an ARM adjusts, are there caps on how high it can go?

With a Bethpage ARM, there is a maximum for each adjustment and for how much your interest rate can increase over the life of the loan. For example, for our 3/1 ARM, the interest rate for each adjustment cannot increase or decrease more than 2 percent after the fixed rate period. And, the interest rate will never increase or decrease more than 6 percent for the life of the loan. Caps may vary by program.

Can I pay an Adjustable-Rate Mortgage off early without penalty?

Can I pay an Adjustable-Rate Mortgage off early without penalty?

Yes, you can pay off your Bethpage Adjustable-Rate Mortgage any time without any pre-payment penalties.

How can I start my application?

How can I start my application?

To start your application online, click here. Or, you can visit your local branch or call 1-855-455-8540 to be connected with a Bethpage Mortgage Loan Officer.

* Free rate lock good for at least 60 days. Terms and conditions may apply.

** Adjustable rate mortgage (ARM) rate and payments may increase after consummation of the loan. Interest Only (I/O) option available on Adjustable Rate Mortgage (ARM) programs only. Payments during I/O periods do not reduce principal. Additional terms and conditions apply.

† The rates and points displayed are subject to change without notice. Actual rates may vary depending on your specific terms. This is not a commitment to make a loan, nor is it a guarantee that you will receive these rates or points if you are approved for the loan. Rate quotes are not guaranteed until you submit a full application and we receive a rate lock request.

[1] Interest rate and APR assumes a conventional conforming mortgage for a single-family primary residence. Mortgage amounts that exceed conforming loan limits are considered “jumbo” mortgages, and rates and payment amounts may be higher.

[2] The annual percentage rate (APR) is the cost of credit over the term of the loan expressed as an annual rate.

All loan terms are subject to credit and loan program requirements (applicants may be offered credit at higher rates and other terms). Certain loan programs may not be available to all applicants. Loans above 80% Loan to Value (LTV) may require private mortgage insurance (PMI). Please contact your Mortgage Loan Officer to determine whether PMI is required. Bethpage does not offer residential mortgage loans in Texas. To obtain a loan, membership at Bethpage is required by opening a $5.00 minimum share savings account at or prior to consummation of the loan. Rates, loan programs, terms, and conditions are subject to change without notice. Other restrictions and limitations apply.

Have a Specialist Call Me

Our Mortgage Representatives will be happy to answer all your questions about the home buying process. We'll be able to guide you through the process and explain the steps to getting a mortgage.

Mortgage Pre-Qualification

Our Mortgage Representatives will be happy to answer all your questions about the home buying process. We'll be able to guide you through the process and explain the steps to getting a mortgage

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