1Mortgage and Home equity loans are not available in Texas and Puerto Rico. Payment example: for example, if you borrow $400,000 for 360 monthly payments at 6.375%, you would make monthly payments of $2,495.48 at an APR of 6.802%. 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. Examples are based on Conventional Conforming Loan Amounts (under $832,750 for most areas).
An Adjustable-Rate Mortgage (ARM) means that your payment may change in the future. Our ARM mortgages have a fixed rate for a period of time, then rates can adjust. The fixed rate period varies based on the ARM loan you select.
Examples for Conventional Conforming Loan Amounts:
- A 3/1 ARM has a fixed interest rate through the 36th month (3 years) and can change every 12 months (1 year) after.
- A 5/1 ARM has a fixed interest rate through the 60th month (5 years) and can change every 12 months (1 year) after.
- A 7/1 ARM has a fixed interest rate through the 84th month (7 years) and can change every 12 months (1 year) after.
- A 10/1 ARM has a fixed interest rate through the 120th month (10 years) and can change every 12 months (1 year) after.
The initial fixed interest rate is based on the interest rate, loan amount, and terms of the loan when your loan is closed. This is the discounted rate and lasts for 3, 5, 7 or 10 years depending on the ARM loan selected. The Adjustable Interest Rate is based on an interest rate index plus a margin of 2.75%. These ARMs use the one-year Constant Maturity Treasury (CMT) as the interest rate index. Your interest rate can adjust when the initial fixed interest rate period ends, and every 12 months thereafter. Your interest rate will never increase or decrease more than 2 percentage points at time of adjustment. Your interest rate will never increase or decrease more than 5 percentage points over the life of the loan, except for the 3/1 ARM that can increase or decrease by 6 percentage points over the life of the loan.
5/5 ARM
Example for Conventional Conforming Loan Amounts:
- A 5/5 ARM has a fixed interest rate through the 60th month (5 years) and can change every 60 months (5 years) after.
The initial fixed interest rate is based on interest rate, loan amount, and terms of the loan when your loan is closed. This is the discounted rate and lasts for 5 years. The Adjustable Interest Rate is based on an interest rate index plus a margin of 2.75%. The 5/5 Adjustable-Rate Mortgage uses the five-year CMT as the interest rate index. Your interest rate can adjust when the initial fixed interest rate period ends, and every 60 months thereafter. Your interest rate will never increase or decrease more than 2 percentage points at time of adjustment. Your interest rate will never increase or decrease more than 5 percentage points over the life of the loan.
More information about these indexes can be found on the Federal Reserve Board site. ARMs subject to credit approval, income verification and appraisal. Loan amounts greater than 80% LTV are subject to meeting private mortgage insurance requirements.
