5-Year Adjustable Rate Mortgage (ARM)

  
Transaction Types 

  • Purchase,Switch, Ports
  • First mortgages only
Terms

  • Closed, Fixed Rate: 5 years, 3 years
  • 5 year Adjustable Rate Mortgage (ARM)
Amortization

  • Minimum - 18 years
  • Maximum - 25 years
Payment Frequencies

  • Monthly, Weekly, Bi-Weekly & Semi-monthly
  • Accelerated Weekly & Accelerated Bi-weekly
Prepayment Options

  • 15/15 Prepayment Privileges:
    1. Lump sum payments of up to 15% of the original principal amount may be made per calendar year, non-cumulative. The minimum acceptable lump sum payment is $100
    2. Regular payment amount may also be increased annually, providing the maximum amount of the increase is no more than 15% of the original regular principal and interest payment non-cumulative
Property Taxes

  • All Borrowers will arrange to have their property taxes paid through Marathon Mortgage Corp.
Portable

  • All mortgages are assumable and portable upon application and qualification
Blend and Increase

  • Offered on all fixed term mortgages
  • Upon qualification