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Residential Lending disclosure

7/1 ARM Conforming

An adjustable rate mortgage (ARM) has a monthly payment that may change over the term of the loan. With our 7/1 Adjustable Rate Mortgage, your payment won't change for the first seven years of the loan and then can change each year based on market conditions, subject to the specific terms of the loan.


Loan Term

360 Months

The period of time for the loan to be repaid.

Interest Only Term


During this term, the payment covers only the cost of your interest. After this period, the payment will increase.

Initial Fixed Period

84 Months

The initial rate will be fixed for this period. After this period, the interest rate will be adjusted at the frequency noted below (Subsequent Adjustment Period).

Subsequent Adjustment Period

12 Months

After the initial fixed period, the interest rate will be adjusted each time this number of months has passed.

Initial Adjustment Cap


The maximum amount the rate may increase or decrease after the Initial Fixed Period.

Periodic Adjustment Cap


The maximum amount the rate may increase or decrease after each Subsequent Adjustment Period.

Maximum Interest Rate

Initial Rate + 5.0000%

The maximum interest rate you may be required to pay.


Weekly One Year Constant Maturity Treasury (CMT)

A published interest rate used to establish the interest rate offered on an Adjustable Rate Mortgage (ARM). Some of the most common indices are Treasury Bills, Treasury Securities, London Interbank Offering Rates (LIBOR) and the Cost of Funds Index (COFI).

Current Index Value


The current value of the Index - this value is subject to change without notice.



The amount that is added to the Index to determine the rate at each adjustment (subject to any adjustment caps or floors).