First Niagara | Personal Banking | Mortgages | Adjustable Rate Mortgages (ARM)

Adjustable Rate Mortgages (ARM)

Low Initial Rates

ARM's offer lower initial interest rates and payments than a fixed-rate mortgage. Perfect for the borrower that relocates every 3 - 7 years.

We offer the following ARM's:

1 Year ARM	7/23 Two Step
Interest rate and payment adjust once a year. Tied to the one year Treasury index + a margin of 2.875% (3% for Jumbos). 2% annual cap, 6% lifetime cap. Conversion option (non Jumbo loan amounts only) $250.	Below market rate for the first seven years. Automatically converts to a fixed rate beginning year 8. Tied to the 10 year Treasury index + a margin of 2.5% (2.75% for Jumbo).

3/1, 5/1, 7/1, & 10/1 ARM Products
Below-market interest rate for the initial 3, 5, 7 or 10-year term. Interest Rate adjusts annually after the initial 3,5,7 or 10-year term. Annual & life time caps Annual adjustments tied to the 1-year Treasury bill index + a margin of 2.875% (3.0% for Jumbo loan amounts)

For more information, contact a Mortgage Consultant in your area by calling 1-800-421-0004.

* You can apply online for the following ARM products: 1 Year, 3/1, 5/1, or 7/1. Please contact a Mortgage Consultant at 1-800-421-0004 if you would like to apply for our 7/23 or 10/1 ARM products.