Change can be a good thing.

Adjustable Rate Mortgages (ARMs) can offer you a reduced interest rate and monthly payment early on in your loan term.  The catch?  The initial rate is only fixed for a certain period of time, after which the rate – and your monthly payment – can move up or down depending on market conditions.  Scary, right?  

Not necessarily.  If you don’t plan on living in one place for very long, ARMs are a cheaper alternative to fixed rates.  Also, with a reduced monthly payment, you can use that extra money to put into the home, pay down other expenses or even earn more by throwing it into a higher-yielding investment.  Also, if you’ve had some credit issues in the recent past that keep you from qualifying for a fixed rate mortgage, an ARM could be just the right alternative to missing the boat altogether in the current low interest rate environment!

  • Fixed rates available for the initial 3, 5, 7, or 10 years of the mortgage term (amortized up to 30 years)
  • The amount your rate can increase annually and over the life of the mortgage is capped (so it can’t go up indefinitely)
  • Borrow up to $484,350 (or the conforming loan limit for the county where property is located)
  • Financing available for primary residences or second homes
  • For purchases and no cash-out refinances, financing available up to 95% of sales price/appraised value on primary residences.   
  • For cash-out refinances, financing available up to 80% of appraised value (for home improvement/consolidation loans in excess of 80% loan-to-value, check out our equity loan options!)
  • Terms available for 10, 15, 20 and 30-years
  • For refinances, closing costs can be rolled into mortgage to minimize out-of-pocket expenses
  • Average application processing time is 30-45 days
  • Mortgage origination fee $895 (regardless of loan amount).  Other closing costs such as title insurance, appraisal and transfer tax are separate.
  • Financing available in all states except Texas and Puerto Rico
  • No pre-payment penalties
  • Reduced Private Mortgage Insurance (PMI ) premiums (for mortgages in excess of 80% Loan-to-Value)
  • Simple online application process

 

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Loan Type1 Rates Points APR2 Monthly Cost
(per $10,000)
3/1 ARM (as low as) 3.375% 0.000% 4.861% $44.21
5/1 ARM (as low as) 3.625% 0.000% 4.711% $45.60
5/5 ARM (as low as) 3.625% 0.000% 4.631% $45.60
7/1 ARM (as low as) 3.875% 0.000% 4.662% $47.02
10/1 ARM(as low as) 3.875% 0.000% 4.466% $47.02

1Mortgage Loans are not available in Texas and Puerto Rico. Home equity loans are not available in Texas and Puerto Rico.

Payment example: for example, if you borrow $200,000 for 360 monthly payments at 3.50%, you would make monthly payments of $898.09 at an APR of 3.55%. This is only an example. Your rate may vary based on a number of factors, such as down payment, credit score, property value, and so forth. Monthly payment does not include taxes and insurance.

2APR = Annual Percentage Rate. Ardent has a tiered loan rate policy which applies different loan rates to borrowers based upon the borrower's credit worthiness. Rates are subject to change at any time.

5/1 Adjustable Rate Mortgage

Company Compare Rate
Ardent
4.377
Bank of America
4.271
Wells Fargo Bank
4.361
TD Bank
4.230
Citizens Bank
4.311
Santander
3.943
PNC
4.064