Fixed & Adjustable Rate Mortgage Loans
The Key to Your Dream Home

For more than 80 years, we’ve been helping Island families buy their dream homes. Because we offer a wide range of Fixed Rate and Adjustable Rate mortgage (ARM) programs at very competitive rates, American Savings Bank is consistently among the state’s leaders when it comes to helping you finance the home of your dreams

Whether you’re a first-time home buyer, a growing family, or looking to simplify your life, we have a loan product to help make your home-buying a reality. We also offer loans for refinancing as well as jumbo loans for amounts that exceed conventional mortgage loan limits.

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	Highlights Below > Benefits You’ll Receive > Fast Facts > More Information

Benefits You’ll Receive

• Choice of five ARM programs — one, three, five, seven or ten years
• Loan amounts of up to $2 million for owner-occupants and investors
• No prepayment penalties
• Free rate lock anytime during loan processing
• Loans of up to 100% of the appraised value or purchase price, whichever is less
• Convenient AutoPay option from an existing checking account
• Free Online and Bank-by-Phone services — check your current balance, due date, etc.

	Fast Facts
	Fixed Rate Mortgage You pay a fixed rate of interest throughout the life of the loan Variety of terms available
	Adjustable Rate Mortgage Provides a lower initial fixed-rate of interest than many conventional fixed-rate mortgages, but does not lock in the lower interest rate over the entire term of your loan Select from five initial fixed period ARM loans (1, 3, 5, 7 or 10 years) Once the initial fixed-rate period is complete, your new rate may increase or decrease based on the particular index and margin for the ARM loan you selected
	Loan Origination Fee Varies based on the interest rate and length of time the customer chooses to lock the rate
	Closing Costs Applicable
	Get Rates

More Information

Fixed Rate Mortgages

With a Fixed Rate mortgage, the interest rate and monthly principal and interest payment remain the same for the life of the loan. This type of home loan is especially popular when rates are low. Even when Adjustable Rate mortgages offer lower starting interest rates, some homebuyers prefer fixed-rate mortgages because they are easier to budget and track.

Adjustable Rate Mortgages (ARM)

Interest rates on an ARM usually start off lower than on a Fixed Rate mortgage:

	Type of ARM	How it Works
	One-year ARM	Rate and payment may change annually with a maximum increase or decrease of 2% from the rate in effect before the change takes place; maximum increase is 6% from the initial starting interest rate over the life of the loan.
	Three-year ARM	Rate and payment may change annually beginning with the 37th month of the loan with a maximum increase or decrease of 2% from the rate in effect before the change takes place; maximum increase is 6% from the initial starting interest rate over the life of the loan.
	Five-year ARM	Rate and payment may change annually beginning with the 61st month of the loan with a maximum increase or decrease of 2% from the rate in effect before the change takes place; maximum increase is 5% from the initial starting interest rate over the life of the loan.
	Seven-year ARM	Rate and payment may change annually beginning with the 85th month of the loan with a maximum increase at the first change rate of 5% over the rate in effect before the change takes place. Subsequent increases or decreases are limited to 2% from the rate in effect prior to the change taking place. There is a maximum increase of 5% from the initial starting rate over the life of the loan.
	Ten-year ARM	Rate and payment may change annually beginning with the 121st month of the loan with a maximum increase at the first change rate of 5% over the rate in effect before the change takes place. Subsequent increases or decreases are limited to 2% from the rate in effect prior to the change taking place. There is a maximum increase of 5% from the initial starting rate over the life of the loan.