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Adjustable Rate Mortgage (ARMs)

An ARM may be just the key to your new home.

With a Illinois State Bank Adjustable Rate Mortgage (ARM), you can often take advantage of a lower initial interest rate than a fixed-rate mortgage can offer. With a lower interest rate, you may qualify for a larger mortgage amount, allowing you to buy the house you really want.
  • May offer lower rates than fixed-rate mortgages.
  • Flexible repayment and adjustment terms.
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Who it’s for:

Anyone who is looking to buy or build a new home or who wants to refinance their current home. An ARM may be an especially good option for those who do not plan to own their current home more than a few years or in cases where financing does not meet the standard requirements of mortgage lenders.

What’s in it for you:

  • You choose the repayment and adjustment terms.
  • Up to 97% loan-to-value (LTV) available for the purchase, construction of a new home, or the refinancing of your current home.
  • All loan servicing is done locally at Illinois State Bank.
  • Maximum 2% annual and 6% lifetime interest-rate-adjustment caps.

Additional benefits:

What else you should know?

  • An Adjustable Rate Mortgage (ARM) is a mortgage offering an interest rate tied to a financial index, such as a U.S. Treasury Security (T-Bill). This rate adjusts up or down at specific times, which means your monthly payment, can vary over the life of the loan.
  • ARMs usually provide an initial fixed rate term of 1, 2, 3 or 5 years and can be used to finance the purchase or construction of a new home, second home, investment property, or to refinance your current home.
  • In addition to our standard ARM products, we offer an array of mortgage loan options, designed with you in mind. Our Illinois State Bank Mortgage Loan Professionals will be happy to work with you to determine which mortgage loan product is best suited to your needs.
  • Learn what documents and information you’ll need to provide to apply for a Illinois State Bank loan.
  • For additional options, take a look at our Home Equity loans.

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