Adjustable Rate Mortgage (ARM) from FirstMerit Bank - Serving Akron, Cleveland, Ashtabula, Canton, Columbus, Elyria, Medina, Toledo, Columbus, Ohio and New Castle, PA

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Adjustable Rate Mortgage (ARM)

How it works An Adjustable Rate Mortgage (ARM) is a home loan with an adjustable rate that is amortized over 30 years. Your interest rate is fixed for the first 3 or 5 years of the loan repayment period, depending on the type of ARM you have. After the initial fixed rate period, the interest rate could adjust every 12 months, depending on the product and the financial markets.

An Adjustable Rate Mortgage (ARM) might be right for you if: You want the lowest possible interest rate and monthly mortgage payment over a set amount of time You plan to move or refinance within the next few years

Features & Benefits Available for 10, 15, 20 and 30 year terms* Initial fixed rate period of 3 or 5 years (adjusts annually thereafter) No prepayment penalty Lifetime interest rate caps Maximum loan amount of $1,000,000 Private mortgage insurance (PMI) is only required on loans above 80% loan to value Financing available up to 95% of your property value (on purchase of owner occupied homes)* Financing available up to 90% of your property value (on purchase of second homes)* Enjoy a quick application process and low closing costs



Mortgage Calculators How much house can you afford? Adjustable Rate Mortgage (ARM) calculator Fixed Rate Mortgage vs. Adjustable Rate Mortgage (ARM) More mortgage calculators


* All loans are subject to credit approval. For example, currently a $100,000 adjustable rate mortgage (ARM) loan for 30 year amortization schedule at 3.525% initial APR and a margin of 3.00% and $25,000 down payment will have 60 payments of $484.65 and 300 payments of $429.78.