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Looking for a home loan with flexibility and affordability that doesn’t compromise on stability? Sunward's new 7/1 Adjustable Rate Mortgage (ARM) might be right for you.
With our 7/1 ARM, you’ll get the stability of a seven-year fixed interest rate and a 30-year term with no points. After the initial seven-year period, the rate will adjust once a year according to market conditions.
Here’s the best part: The 7/1 ARM offers a lower qualifying rate than other loan types. This means you could qualify for a bigger loan amount– and that means more purchasing power!
SEVEN REASONS TO CONSIDER Sunward’S 7/1 ARM
- No budget surprises. Because it kicks off with a fixed interest rate for the first seven years, the 7/1 ARM ensures budget predictability during the initial stages of your mortgage journey.
- Potentially lower monthly payments. With the 7/1 ARM, you may have lower monthly payments compared to traditional fixed rate mortgages, making homeownership more accessible and manageable.
- Down payments as low as 3%. Just like with our popular 5/5 and 15/15 ARMs, if you’re a first-time home buyer, you can make a down payment as low as 3%. Or, if you’ve previously purchased a home, you can still qualify for a down payment as low as 5% of the purchase price!
- Rate caps for peace of mind. Your rate cannot increase or decrease by more than 3.5% at the first adjustment, or by more than 2% at each annual adjustment after that.
- Low closing costs. Sunward’s mortgages offer low closing costs (on jumbo loans, too!)
- No PMI. Sunward has no private mortgage insurance (PMI) requirement, which could potentially save you thousands of dollars over the life of your loan.
- More buying power. It’s worth repeating! You could qualify for a bigger loan amount with the 7/1 ARM.
IS THE 7/1 ARM RIGHT FOR YOU?
The 7/1 ARM could be a great fit if you plan to stay in your new home for seven years or fewer, if you want to refinance to a fixed rate mortgage after seven years, and/or if you expect interest rates to fall over time.
While the 7/1 ARM offers significant advantages, it's crucial to consider your homeownership goals and timeline. If you’re looking for a forever home and/or if you don’t want interest rate adjustments after the initial seven-year fixed rate period is over, you can explore Sunward’s other home loan options to find one that is right for you.
EXPLORE THE POSSIBILITIES WITH Sunward
Connect with our experienced home loan team to explore how the 7/1 ARM can unlock new possibilities for you. Your dream home is within reach – let Sunward be your trusted partner on this exciting journey!
RATES
7/1 Adjustable Rate Mortgages
| 7/1 Adjustable Rate Mortgage | |||||
| Effective Date: Tuesday, October 22nd, 2024 | |||||
| Type | Term | Rate 1st 7 Years | APR | Current Calculation of Rate Remaining Term1 | Payment Per $1,000 Financed |
| 7/1 1st | 30 Years | As low as 5.875% | As low as 6.036% | 6.625% | $5.92 |
| Jumbo2 7/1 1st | 30 Years | As low as 5.875% | As low as 6.036% | 6.625% | $5.92 |
| 7/1 >80% 1st | 30 Years | As low as 6.125% | As low as 6.300% | 6.625% | $6.08 |
| Jumbo2 7/1 >80% 1st | 30 Years | As low as 6.125% | As low as 6.300% | 6.625% | $6.08 |
APR = Annual Percentage Rate. Rate and payments adjust once every year after the first 7 years. Rate is variable and can increase by no more than 3.50% at the first adjustment and by no more than 2.00% at each 1-year adjustment with a lifetime cap of 5.00%.
Valid for adjustable rate first mortgages for owner occupied properties. Construction loans are excluded from this offer. Up to 97% maximum loan-to-value for first-time homebuyers, 95% loan-to-value for all other purchases. Rate for the remaining term adjusts once every year after the first 7 years and is based on the then-current index plus margin, rounded to the nearest eighth of a percentage point, and subject to the floor rate of 4.00%. Index is the one-month average yield of the 10-Year Treasury Note. Rates subject to change; check with Sunward for current rates. Available rate based on credit history. Not everyone will qualify for the lowest rate. Third party fees may apply in certain circumstances. Additional fees may apply outside New Mexico. Survey fee may be required. You will receive an estimate of closing costs when you apply. Consult your tax advisor regarding the deductibility of interest. You must insure the property that secures the loan. Fees subject to change without notice. If loan does not close, fees incurred will be charged to the member. APR Calculations are based on the following loan amounts for properties located in New Mexico or California: Non-Jumbo: $180,000, Jumbo: $766,550. All loans subject to credit approval. Contact Sunward for details.
1 Since the index in the future is unknown, the Current Calculation of the Rate for the Remaining Term displayed is based on the current index plus margin (fully indexed rate) as of the date above, subject to the floor rate of 4.00%
2 For loans over $766,550
15/15 Adjustable Rate Mortgages
| 15/15 Adjustable Rate Mortgages | ||||
| Effective Date: Tuesday, October 22nd, 2024 | ||||
| Type | Term | Rate 1st 15 Years | APR | Payment Per $1,000 Financed |
| 15/15 1st | 30 Years | As low as 6.500% | As low as 6.661% | $6.32 |
| Jumbo1 15/15 1st | 30 Years | As low as 6.500% | As low as 6.661% | $6.32 |
APR = Annual Percentage Rate. Rate and payments adjust only once at 15 years. Rate is variable and can increase by no more than 6.00% at the 15 year adjustment.
Valid for adjustable rate first mortgages for owner occupied properties. Construction loans are excluded from this offer. Maximum loan-to-value is 95%. Rate for the remaining term adjusts at 15 years and is based on the then-current index plus margin, rounded to the nearest eighth of a percentage point, and subject to the floor rate of 4.00%. Index is the one-month average yield of the 10-Year United States Treasury Security. Rates subject to change; check with Sunward for current rates. Available rate based on credit history. Not everyone will qualify for lowest rate. Third party fees may apply in certain circumstances. Additional fees may apply outside New Mexico. Survey fee may be required. You will receive an estimate of closing costs when you apply. Consult your tax advisor regarding the deductibility of interest. You must insure the property that secures the loan. Fees subject to change without notice. If loan does not close, fees incurred will be charged to the member. APR Calculations are based on the following loan amounts for properties located in New Mexico or California: Non-Jumbo: $180,000, Jumbo: $766,550. All loans subject to credit approval. Contact Sunward for details.
1 For loans over $766,550
5/5 Adjustable Rate Mortgages
| Owner Occupied 1st | |||||
| Effective Date: Tuesday, October 22nd, 2024 | |||||
| Type | Term | Rate 1st 5 Years | APR | Current Calculation of Rate Remaining Term 1 | Payment Per $1,000 Financed |
| 5/5 1st | 30 Years | As low as 6.125% | As low as 6.300% | 5.875% | $6.08 |
| Jumbo 2 5/5 1st | 30 Years | As low as 6.125% | As low as 6.300% | 5.875% | $6.08 |
| 5/5 >80% 1st | 30 Years | As low as 6.375% | As low as 6.565% | 5.875% | $6.24 |
| Jumbo 2 5/5 >80% 1st | 30 Years | As low as 6.375% | As low as 6.565% | 5.875% | $6.24 |
APR = Annual Percentage Rate. Rate and payments adjust only once every 5 years. Rate is variable and can increase by no more than 2.0% every five years with a lifetime cap of 5.0%. 4.00% floor rate applies beginning at first adjustment.
Valid for adjustable rate first mortgages for owner occupied properties. Construction loans are excluded from this offer. Up to 97% maximum loan-to-value for first-time homebuyers, 95% loan-to-value for all other purchases. Rate for the remaining term adjusts every five years and is based on the then-current index plus margin, rounded to the nearest eighth of a percentage point, and subject to the floor rate. Index is the one-month average yield of the 10-Year Treasury Note. Rates subject to change; check with Sunward for current rates. Available rate based on credit history. Not everyone will qualify for lowest rate.Third party fees may apply in certain circumstances. Additional fees may apply outside New Mexico. Survey fee may be required. You will receive an estimate of closing costs when you apply. Consult your tax advisor regarding the deductibility of interest. You must insure the property that secures the loan. Fees subject to change without notice. If loan does not close, fees incurred will be charged to the member. APR Calculations are based on the following loan amounts for properties located in New Mexico or California: Non-Jumbo: $180,000, Jumbo: $766,550. All loans subject to credit approval. Contact Sunward for details.
1 Since the index in the future is unknown, the Current Calculation of the Rate for the Remaining Term displayed is based on the current index plus margin (fully indexed rate) as of the date above, subject to the floor rate of 4.00%.
2 For loans over $766,550
3 For properties outside California: Up to 97% maximum loan-to-value for first-time homebuyers, 95% loan-to value for all other purchases. For properties in California: Up to 90% maximum loan-to-value.
