5/1 ARM
An adjustable-rate mortgage (ARM) has an interest rate that varies over the term of the loan. The APR(rate) is fixed for the first five years, and then adjust annually based on the weekly average of the 1-year Constant Maturity Treasury (CMT) index, The APR is subject to increase. Many first-time home buyers consider adjustable-rate loans because the initial interest rate and payments are typically lower than on standard fixed rate loans.
Features
- Fixed payment first 5 years
(payment may increase after this period)
- 45-day rate lock
- Low lifetime cap
- No negative amortization
- No prepayment penalty
- No private mortgage insurance (PMI)
Loan Amounts:
Our 5/1 ARM loan amounts are based on where the property is located in California. Many California counties are considered “high cost areas” and allow for loan amounts above the standard conforming loan limit ($417,000).
Select County Maximum Loan Amounts
| Orange |
$729,750 |
| Los Angeles |
$729,750 |
| San Diego |
$697,500 |
| Riverside |
$500,000 |
| San Bernardino |
$500,000 |
For additional loan information by county or more details about this program, please contact a real estate loan consultant at the number below.
5/1 CMT ARM
| Rate | Points | Margin | Caps | Index | APR | Est. Pymt.
/$1,000 |
| 4.000 | 0.500 | 2.750 | 2/2/5 | 0.390 | 3.49% | $4.77 |
| 4.250 | 0.000 | 2.750 | 2/2/5 | 0.390 | 3.53% | $4.92 |
| 4.500 | -0.500 | 2.750 | 2/2/5 | 0.390 | 3.56% | $5.07 |
5/1 CMT ARM (LTV above 80%)
| Rate | Points | Margin | Caps | Index | APR | Est. Pymt.
/$1,000 |
| 5.000 | 0.500 | 3.750 | 2/2/5 | 0.390 | 4.54% | $5.37 |
| 5.250 | 0.000 | 3.750 | 2/2/5 | 0.390 | 4.58% | $5.52 |
| 5.500 | -0.500 | 3.750 | 2/2/5 | 0.390 | 4.62% | $5.68 |
PLEASE BE ADVISED: The interest rates and associated points listed above are effective as of 11/06/2009, represent lowest pricing for each product, and are not intended to be inclusive or a commitment to the pricing for which you may qualify. We offer more rate/point combinations. The loan and accompanying interest rates, points, and annual percentage rates (APRs) you may qualify for are based on your credit history, loan-to-value (LTV), occupancy, property type, loan amount, loan purpose, and income/financial obligations. All loans are subject to a minimum credit qualifying score. Interest rates, points, and APRs are subject to change without notice.
The APRs and estimated payments are based on a loan amount of $350,000.
Not applicable to loan pre-approvals without property selected.
To speak to a real estate loan consultant, please call
714/258-4000 or 800/462-8328, extension 8236.
Consultants are available Monday - Friday, from
8 a.m. to 7 p.m., and Saturday, from 9 a.m. to 3 p.m.
