Consider an adjustable-rate mortgage for your home loan. You’ll get a low rate on your loan, an adjustment period that suits your needs and help with any questions you have along the way. We offer ARMs for both regular and jumbo mortgage loans.
Get the Flexibility You Need With an Adjustable-Rate Mortgage
Adjustable-rate mortgage (ARM) loan rates
|Loan Type||Interest Rates
||APR* as low as
|5 Year Adjustable Rate
|7 Year Adjustable Rate
|10 Year Adjustable Rate
Jumbo adjustable rate mortgage (ARM) loan rates
|Loan Type||Interest Rates
||APR* as low as
|Jumbo 5 Year Adjustable Rate
|Jumbo 7 Year Adjustable Rate||2.875%
*APR refers to Annual Percentage Rate. APR effective 10/8/2015 and subject to change. APR may vary based on creditworthiness.
Jumbo mortgage rates are for mortgages between $417,001 and $1 million.
If you’re staying in your home for a short period, an adjustable-rate mortgage may be the right solution for you.
With ARM loans, you have set adjustment periods when the interest rate may increase or decrease, depending on current market conditions. Rate caps are put into place when finalizing your ARM loan, so the interest rate cannot increase or decrease by more than the determined percentage.
Once your introductory period ends, your interest rate adjusts, which means your monthly payments may increase. You choose how many years you’ll keep the same interest rate and how often the rate can change at the end of that period. Adjustment period choices are 3/1, 5/1, 7/1 or 10/1. With a 3/1 mortgage, for example, you’ll have the same interest rate for three years and your interest rate can change every year.
You can also find a great adjustable-interest rate for jumbo mortgages. A jumbo mortgage covers homes loans from $417,001 to $1 million.
You must be 18 years or older to apply for an adjustable-rate mortgage loan.
Nationwide Bank has a secure mortgage loan application so you can get the loan you need for your new home while keeping your personal credit information safe.
|Financial information||Property information|
If you are applying for an adjustable-rate mortgage with another person, you will need to have that person’s ID and residence information, too.
With adjustable-rate mortgages, what does 3/1, 5/1 and 7/1 mean?
The first number shows how many years you will keep the same interest rate. The second number shows how often the interest rate can change at the end of that period. If you have a 3/1 mortgage loan, for example, you would keep the same interest rate for three years. After that, your interest rate can change every year.
What’s included in closing costs for an ARM loan?
Closing costs may include the following:
- Prepaid interest
- Appraisal and title services
- Private mortgage Insurance, FHA mortgage insurance premium or VA funding fee, whichever may be applicable
- Miscellaneous costs, such as an underwriting fee or tax service fee
Most of the fees described above are finance charges that affect your APR which, in addition to interest, represents the cost of credit to you.
What are points?
Points are prepaid fees, often (but not always) used to gain a lower interest rate on your mortgage. One point is 1% of your mortgage loan amount. For a $200,000 home, one point would be $2,000. Some points may be tax deductible; consult your tax advisor.
How much does it cost to lock in my rate?
Nationwide Bank charges $450 commitment fee for you to lock in your mortgage rate.
What types of mortgages does Nationwide Bank offer?
We offer mortgages for primary and secondary houses, condos, townhouses and investment properties.
How do I get an adjustable-rate mortgage online?
Fill out our online application. Then once your application is submitted, a Nationwide Bank Mortgage Specialist will call you to discuss the rest of the steps in the mortgage loan process. You can also apply by phone by calling 1-877-636-0598, 8 a.m. to 8 p.m. ET, Monday - Friday.
Can I get approved for a mortgage before I have a house?
You can get prequalified for your mortgage. Please note you cannot lock in your rate until you have a house to buy and you pay your commitment fee.
Do I have to pay for an appraisal?
Yes. It is included in your closing costs.
What do I need to know before buying a house?
The U.S. Department of Housing and Urban Development offers helpful information about buying a home. You can also talk to one of their housing counselors for free or for a small fee.
Don’t forget that Nationwide can provide you with the insurance you need to protect your property. Request a homeowners insurance quote from Nationwide Insurance today.
Nationwide Bank NMLS #769318. To verify that a mortgage company or individual is authorized to conduct business in your state, visit the NMLS Consumer Access website.