Adjustable-Rate Home Loans

Adjustable-Rate Home Loans

If low payments are important to you for the near term, or if you don’t plan to live in your home for the long term, consider an adjustable-rate home loan through AAA. With an adjustable-rate home loan, your initial rate is set below the rate offered on our fixed-rate home loans; however, over time, the rate rises in predetermined intervals. If an adjustable-rate home loan is held long enough, the interest rate eventually surpasses the going rate for fixed-rate home loans.

Preferred features include:

  • Competitive rates
  • Low, competitive closing costs
  • Minimum loan amount of $10,000
  • Maximum loan amount of $424,100 (see Jumbo Loans for larger amounts)
  • Attractive terms on refinancing your home
  • Escrow waiver for qualified borrowers
  • Interest may be tax deductible**

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NMLS # 799629

 

*Adjustable rate loans typically have an initial rate set below the rate offered on fixed-rate home loans; however, over time, the rate rises and, if the adjustable rate home loan is held long enough, the interest rate eventually surpasses the going rate for fixed-rate home loans. Adjustable-rate loans use a margin which adjusts in predetermined intervals based on a publicly available index. Auto Club Trust, FSB uses a margin to determine the interest rate charged for loans. This margin adjusts annually based on publicly available indexes. The indexes that Auto Club Trust, FSB uses include: LIBOR, New York Prime and Treasuries. At the time we provide a loan offer to you, we will disclose the specific margin, frequency we adjust the margin, and the index used for your specific loan.

Modular, manufactured homes, condominiums, co-ops, leasehold interests and trusts are not eligible.

**If you have tax, legal or financial questions, please consult with a qualified professional.

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