More information of Adjustable-Rate Mortgage (ARM)
PNC Bank allows you to have the financing you need thanks to its mortgage loans, which can have a fixed interest rate, which does not change throughout the repayment period, or an adjustable interest rate, which adapts to an index and is recalculated every 12 months.
In this case we are analyzing the adjustable-rate mortgage loan, with which you can finance up to 95% of the appraised value, which means that you will only have to make a down payment of 5%.
However, in order to exceed 80% of the financing you will have to contract a private mortgage insurance (PMI) that serves as an extra guarantee for the bank.
PNC Bank offers you the possibility of contracting different variants of its Adjustable Rate Mortgage with a first fixed rate term that can last from 7 to 10 years, and a second period in which the rate will be modified every year. We can find, therefore, the following schemes: 7/1 ARM and 10/1 ARM.
With this financial institution you also have the Home Insight Planner application, which allows you to carry out different simulations with different scenarios and financing schemes to find out which options are most favorable for you.
Español: Hipoteca variable de PNC Bank