This program has interest-only payments for the initial fixed period with a 30-year term. Interest-only payments are in effect for the first 5-years, after which the payment adjusts to a fully amortizing principal and interest payment based on the effective interest rate in effect at the time of the adjustment, the outstanding loan balance at that time and the remaining term of 25 years. Subsequent adjustments to the interest rate and payment will occur annually.

The LIBOR index is based on the average of interbank offered rates for one-year U.S. dollar-denominated deposits in the London market as published in The Wall Street Journal.

Program Features