Personal Overview > Loans > Mortgages > Adjustable-Rate Mortgage

Summary

• The interest rate may change periodically based on a predetermined margin and index.
• Available in periods of 1, 3, 5 and 7 years.
• Your buying power may increase because adjustable rate are usually lower than fixed rates.
• Down payment may be as low as 5% (Private Mortgage Insurance may be required).
• Costs include a low application fee (non-refundable) plus closing costs which may include points. Reserves for taxes and insurance may be required.
• Must meet Morgan Bank's underwriting guidelines.
• Enjoy the convenience of having your home loan payment automatically deducted from your Morgan Bank checking account.
• Our Loan Officers can meet with you—at your home or office—to discuss your loan application.

Current Interest Rates

Note: 1-4 family owner occupied. APR is calculated using a $175,000 mortgage. Not every customer will qualify for this rate. See your Lorain National Bank Loan Officer for details. All rates subject to credit approval and accurate as of Sept.4, 2008.