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Mortgage Loans
Rates as of February 24, 2020

Term Interest Rate Annual Percentage Rate Points
10/1 ARM 4.250% 4.334% 0.00
7/1 ARM 4.125% 4.204% 0.00
5/1 ARM 4.000% 4.077% 0.00
30 Year Fixed 3.250% 3.327% 0.00
20 Year Fixed 3.125% 3.232% 0.00
15 Year Fixed 2.875% 3.012% 0.00

Interest rate and annual percentage rate (APR) listed are as of the date shown and are subject to change without notice. The APR calculation assumes a $100,000 loan for the term shown and borrower paid finance charges and closing fees totaling approximately $906.00.

An Adjustable Rate Mortgage, or ARM, contains a variable rate feature which provides that the interest rate and payment and/or terms of the loan can change.  After the initial fixed period, the amount of the monthly payment may increase. A $100,000 10/1 ARM loan, at an interest rate of 3.75%, could have a monthly payment of $463.12 for 360 months.

A fixed rate mortgage features an interest rate that will not change during the term of your loan, and the monthly payment will remain consistent for the term of the loan. A $100,000 15 year loan, at a fixed interest rate of 3.25%, could have a monthly payment of $702.67 for 180 months.

Your monthly payment may vary, and may include homeowner’s insurance and/or property taxes which could increase your monthly payment.   All loans are subject to credit approval. Property type restrictions and other limitations apply. Contact the Bank for more information.

Low Rate Adjustable Rate Mortgages

Feb 24, 2020

With an adjustable-rate mortgage, you benefit from an initial interest rate that may be lower than the rate on a fixed-rate mortgage. Our 3/3, 5/1, 7/1 and 10/1 ARMs offer the stability of a lower initial rate that is set for a period of three, five, seven or ten years before the adjusting period begins.

Thomas Grimm Appointed to Marathon Bank Board of Directors

Jan 31, 2020