An Adjustable Rate Mortgage (ARM) is a mortgage loan program with low caps on rates. The rate is tied to the Cost of Fund Index which is less volatile index than other adjustable rate loans. This feature will minimize payment fluctuations.
Lender Paid Credit Up to $2,500 towards closing costs
Refinance or purchase
Automatic payment options
Loan is retained by Keesler Federal and will not be sold
The interest rate can go as low as the floor rate of 2.99%.
*Sample payment: Assumes credit score for borrower is 740 or higher, Loan to Value of 80% or less and 30-year term. At a 2.990% initial interest rate, the APR for this loan type is 4.088%, subject to increase. Rate is as of 6/16/17. Rates are subject to change. Based on current market conditions, the payment schedule would be about:
• 60 payments of $505.28 at an interest rate of 2.990%
• 299 payments of $600.49 at an interest rate of 4.625%
• 1 payment of $600.20 at an interest rate of 4.625%
This payment schedule is based on a $120,000 loan on a $150,000 for the purchase of a primary residence.
If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.