Bank of Internet Offers Competitive Fixed Rate and ARM Loan Options

For anyone interested in buying a home, partnering with a mortgage lender who can provide low rates and a loan tailored to the borrower’s individual needs is incredibly important.

Bank of Internet has a wide range of home loan products to offer borrowers, including both fixed and adjustable rate mortgages. Their most aggressive and intriguing products are the 15-year fixed and 5/1 ARM loan options, which can accommodate short- or long-term home financing goals. No matter what you’re looking for in a mortgage, Bank of Internet will evaluate your finances on an individual basis and find the right program for you.

15-Year Fixed Rate Mortgage*

A fixed rate mortgage helps borrowers plan mortgage payments well into the future because they come with a reliable interest rate that remains the same for the entire term of the loan.

While 30-year fixed mortgages are quite popular, paying your loan off in 15 years instead allows you to invest a significant amount of money in years 16-30 that you would normally be paying on a 30-year mortgage. That means obtaining a 15-year fixed rate mortgage from Bank of Internet allows you to set up a much better exit strategy for retirement.

5/1 ARM**

Adjustable rate mortgages (ARMs) offer an introductory interest rate that is often much lower than fixed rate loans. When the intro period ends, the rate will adjust according to the market index it follows.

An ARM, like Bank of Internet’s 5/1 ARM, is a great loan option for homeowners who don’t plan to stay in their home for very long. After all, there’s no sense in paying a higher interest rate for a 30-year mortgage if you’ll only be in it for 3-5 years. However, with low interest rate caps and a stable index, many homeowners are holding onto these loans well into years 6-7-8 and 9!

5/1 ARMs are also great for financing rental property. With such a low interest rate, rent may cover your monthly payment and provide you positive net rental income.

About Bank of Internet

Bank of Internet is an internet-based deposit bank, so it doesn’t incur the same overhead and marketing costs a brick-and-mortar bank traditionally does. That means it can pass on these savings to its customers in the form of lower loan rates and fewer closing costs.

If you’re ready to become a homeowner, be sure you get the most affordable financing option available to you. Apply for a mortgage from Bank of Internet and take advantage of the low rates and minimal costs current borrowers enjoy today.

*Interest rate and annual percentage rate (APR) is effective 5/18/2011 and subject to change without notice. Rates are based on a $400,000 loan amount, single family residence, 30 day lock rate, with impounds, 30% DTI, rate and term refinance, full documentation with FICO score of 740 and loan to value of 80%, paying 1.125 discount points and in the 92130 zip code.

**Interest rate and annual percentage rate (APR) is effective 5/18/2011 and subject to change without notice. Rates are based on a $400,000 loan amount, single family residence, 30 day lock rate, with impounds, 30% DTI, rate and term refinance, full documentation with FICO score of 740 and loan to value of 80%, paying 1.375 discount points and in the 92130 zipcode.