Date the Rate with a 7/6 ARM
You've heard the phrase "Marry the house, date the rate" - let Cornerstone be your matchmaker and connect your client with our 7/6 Adjustable-Rate Mortgage. Our 7/6 ARM offers rates 1% lower than stated 30-year fixed mortgage rates for the first 7 years.*
Your client can date the fixed rate for up to 7 years, giving them time to possibly refinance at a lower rate within that time frame.
If your client has a minimum credit score of 660, Cornerstone's 7/6 ARM could give them more buying power in this competitive housing market.
Here's a sample comparison to see the 7/6 ARM in action:
| CONVENTIONAL MORTGAGE | 7/6 ARM |
|---|---|
|
PRICE
$400,000 @ 7.5%
|
PRICE
$400,000 @ 6.5%
|
|
PAYMENT
$2,798 monthly
$269 HIGHER
monthly payment than ARM
|
PAYMENT
$2,529 monthly
$269 LOWER
monthly with the ARM
|
|
CLOSING COSTS
Appraisal, title, escrow fees potentially additional
|
CLOSING COSTS
$1,000 - $3,000 tiered fee includes all costs
|
*Subject to approval based on overall creditworthiness and satisfactory collateral. Property must be located in the state of Michigan or Ohio. Manufactured homes not eligible. Additional restrictions and conditions may apply. Product may be changed or discontinued at any time.
