Adjustable Rate Mortgages

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  • Lower initial rates
  • Save on monthly payments
  • Caps limit future rate increases
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How might you use that extra money?
Adjustable-rate mortgages (known as ARMs) feature a lower interest rate for a specific number of years.

Our ARMs offer several years of very attractive rates.

Adjustable-rate mortgages are often described as 5/1, 7/1 or 10/1. The first digit represents the number of years you enjoy a lower initial rate. The second digit is how often the rate might be adjusted after that. So a 7/1 loan comes with lower interest for seven years and then rates can be adjusted once per year. Remember, rates can fall as well as rise.

  • Rate caps limit increases in any one year or over the life of the loan.
  • ARMs are a good choice if you plan to move again before the initial rate period ends or your household income is expected to rise.
  • You may refinance to a fixed-rate loan any time you wish.

First Community Bank makes homeownership easier with our mortgage loan options. Visit us in West Virginia, Tennessee, North Carolina, and Virginia.

Other Mortgage Options

Jumbo Loans

If you're buying a bigger house or moving to a neighborhood with higher property values, you may need a loan that exceeds the government limit for conventional loans. No matter the mortgage size, we can find something right for you.

  • For loans exceeding $832,750
  • Fixed-rate and adjustable-rate loans available
  • A variety of mortgage lengths available
  • Flexible down payment options
Premier Mortgage

At First Community, we understand that saving up for a 10% or 20% down payment can be a major hurdle for prospective homebuyers. That's why our Premier Mortgage, which features no down payment, has become such a favorite with borrowers.

  • Fixed-rate and adjustable-rate loans available
  • Borrow up to $500,000 for primary residences, secondary residences, or vacation homes
  • Private mortgage insurance not required
  • Not limited to first-time home buyers
  • Refinancing options available
More Mortgage Options

Not sure if this is the mortgage for you? 

Check out all our mortgage options to see which one fits your needs best.

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