Adjustable Rate Mortgage Loans

This type of mortgage is appealing to borrowers who are looking for lower monthly payments or plan not to be in their current home on a long term basis. In future years the expectation is that household income will rise to pay the loan if the interest rate moves higher or the borrowers might move to another home.

Loan Features

1. The interest rate can move up or down after a specified period of time. For Miami Savings Bank adjustable rate mortgage loans, the adjustment period is usually 1 year or 3 years. Miami Savings Bank also offers a 5/1 adjustable mortgage loan where the interest rate and payment are fixed for the first five years and thereafter the interest rate and monthly payment adjust annually. In any case, the adjustment periods are detailed for you in your closing documents.
   
2. As the interest rate changes during the term of your loan, your monthly payments also change on the anniversary date of your loan every year or every three years. This change is based on the new interest rate for your loan as determined by changes in market rates.
   
3. The interest rate adjustments are tied to movements in the rates paid on U.S. Government securities.
   
4. Miami Savings Bank has interest rate caps on each adjustable loan to limit interest rate and monthly payment increases over the life of the loan.
   
5. Miami Savings Bank also offers a pre-authorized monthly loan payment from a savings or checking account that you establish so your payments will never be late and this service is free of charge.

Start now!

Complete and print the Mortgage Application then print and sign the certification:

Miami Savings Bank offers a free pre-qualification service to our existing and potential customers.

This no cost service lets you know how much house you can afford.

Your loan stays here from beginning to end!

For your free pre-qualification or additional information please contact your local office:

NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS

All funds in a “noninterest-bearing transaction account” are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012.  This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC’s general deposit insurance rules.

The term “noninterest-bearing transaction account” includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest.  It also includes Interest on Lawyers Trust Accounts (“IOLTAs”).  It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money market deposit accounts.

For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.

HOME | PRODUCTS |