Adjustable Rate Mortgage (ARM)

ARMs offer a lower interest rate for an initial term of 3 years to 10 years. This initial fixed rate period is followed by a period when your rate will adjust at regular intervals. All have rate caps which limit interest rate increases over the life of the loan.

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People's United Bank Is Pleased To Offer
A great rate on our new JUMBO 5/1 Adjustable Rate Mortgage* where the initial APR and monthly payment will remain in effect for five years. Thereafter, the APR and monthly payment are subject to increase or decrease annually. Rate caps limit interest rate increases over the life of the loan.

This product requires automatic monthly payments from a People's United Bank checking account for the life of the loan.

Loan Minimum: $417,001
Loan Maximum: $1,500,000

For complete program guidelines and current rates and terms contact a People's United Mortgage Expert.

Click here to see a sampling of Today's Rates

*Also available as an Interest-Only loan that allows you to make interest only payments for the first five years.

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Other Adjustable Rate Mortgage Products

3/1 Adjustable Rate Mortgage*
Interest rate and payment amount is fixed for the first 3 years, then is subject to change every year with caps of 2% per adjustment and 6% for the life of the loan.

5/1 Adjustable Rate Mortgage*
Interest rate and payment amount is fixed for the first 5 years, then interest rate is subject to change every year with caps of 5% at first adjustment, 2% at subsequent adjustments and 5% for the life of the loan.

7/1 Adjustable Rate Mortgage*
Interest rate and payment amount is fixed for the first 7 years, then interest rate is subject to change every year with caps of 5% at first adjustment, 2% at subsequent adjustments and 5% for the life of the loan.

10/1 "Interest Only" Adjustable Rate Mortgage
Interest rate and payment amount is fixed for the first 10 years, then interest rate is subject to change every year with caps of 5% at first adjustment, 2% at subsequent adjustments and 5% for the life of the loan. Amortization begins at the end of the 10 years over the remaining term of the loan.

Ask your People's United Mortgage Expert for details.

* Also Available as an Interest Only. "Interest Only" period equals the fixed rate portion of the loan during which time principal payments are not required. At the end of this period, the loan will amortize over the remaining term of the loan.