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Adjustable Rates Mortgages (ARMs)


An adjustable rate mortgage (ARM) features a variable interest rate, which is periodically adjusted based on the change in a financial index such as the one year Treasury Bill, plus a margin that is established prior to closing. Interest rate changes are limited or capped at each adjustment and for the life of the loan.

National Iron Bank offers ARM programs with a fixed rate for 1, 2, 3, 4 years or 5 years. ARM loans usually start at a lower rate than fixed rate loans, which translates to greater purchasing power.
Adjustable Rate Mortgages - Rates and Disclosures - Connecticut & Massachusetts

Rates as of Thursday, April 10, 2014

PointsOrigination FeeInterest RateAnnual Percentage RateFully Indexed RatePayment per $1,000PaymentsApply
PURCHASE / REFINANCE Loans - CT & MA
1/1 Year ARM - PURCHASE / REFINANCE - CT & MA
CAPS: 2/7 Floor 2.250% after 1st year
0.000$750.002.250%3.273%3.250%$3.82Show Payments and Rates
3/1 Year ARM - PURCHASE / REFINANCE - CT & MA
CAPS: 2/7 Floor 2.500%
0.000$750.002.750%3.242%3.250%$4.08Show Payments and Rates
5/1 Year ARM - PURCHASE / REFINANCE - CT & MA
CAPS: 2/7 Floor 2.950%
0.000$750.002.950%3.248%3.250%$4.19Show Payments and Rates
7/1 Year ARM - PURCHASE / REFINANCE - CT & MA
CAPS: 2/7 Floor 4.250%
0.000$750.004.500%4.612%4.500%$5.07Show Payments and Rates

Annual Percentage Rate (APR) quoted above are based on a representative $100,000 loan amount, with 20% down payment/equity for the stated term and include the points listed. Rates are not guaranteed until lock-in and subject to change without notice. All loan applications subject to credit underwriting and property approval. Homeowners' Insurance and flood insurance (if applicable) required. Private Mortgage Insurance (PMI) is required if your downpayment / equity is less than 20%. Loan rates are for a first lien position on single family owner-occupied residences up to $500.000. Call for rates available for 2-4 family owner occupied residences.

All Adjustable Rate Mortgage (ARM) APR's are predicated on a 30 Year Amortization. ARM rates are based on the Wall Street Journal Prime Rate Index with a margin of between 0.000% and 1.500% depending on product. All adjustable rates mortgages (ARM) products are variable and may change after consummation of the loan. Any increase in APR will result in a higher payment.

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Adjustable Rate Mortgages - Rates and Disclosures - New York

Rates as of Thursday, April 10, 2014

PointsOrigination FeeInterest RateAnnual Percentage RateFully Indexed RatePayment per $1,000PaymentsApply
PURCHASE / REFINANCE Loans - New York
1/1 Year ARM - PURCHASE / REFINANCE - New York
CAPS: 2/7 Floor 2.500% after first year
0.000$750.002.500%3.293%3.250%$3.95Show Payments and Rates
3/1 Year ARM - PURCHASE / REFINANCE - New York
CAPS: 2/7 Floor 2.750%
0.000$750.003.000%3.298%3.250%$4.22Show Payments and Rates
5/1 Year ARM - PURCHASE / REFINANCE - New York
CAPS: 2/7 Floor 3.200%
0.000$750.003.200%3.336%3.250%$4.32Show Payments and Rates
7/1 Year ARM - PURCHASE / REFINANCE - New York
CAPS: 2/7 Floor 4.500%
0.000$750.004.750%4.863%4.750%$5.22Show Payments and Rates

Annual Percentage Rate (APR) quoted above are based on a representative $100,000 loan amount, with 20% down payment/equity for the stated term and include the points listed. Rates are not guaranteed until lock-in and subject to change without notice. All loan applications subject to credit underwriting and property approval. Homeowners' Insurance and flood insurance (if applicable) required. Private Mortgage Insurance (PMI) is required if your downpayment / equity is less than 20%. Loan rates are for a first lien position on single family owner-occupied residences up to $500.000. Call for rates available for 2-4 family owner occupied residences.

All Adjustable Rate Mortgage (ARM) APR's are predicated on a 30 Year Amortization. ARM rates are based on the Wall Street Journal Prime Rate Index with a margin of between 0.000% and 1.500% depending on product. All adjustable rates mortgages (ARM) products are variable and may change after consummation of the loan. Any increase in APR will result in a higher payment.

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