The lending industry is changing the index used to determine payments for Adjustable-Rate Mortgages (ARMs).
It sounds complicated, but the switch from the London Interbank Overnight Rate (LIBOR) index to the new Secured Overnight Financing Rate (SOFR) is expected to have relatively limited effect on most borrowers.
If you have an existing ARM with us, there is a chance your monthly payment could be affected. We’ll send you written notification about your specific loan terms in early 2021.
Please give us a call if you have any questions:
- Existing Mortgages – 800-782-8782, ext. 6015
- New Mortgages – 888-750-4124
Keep reading if you’re interested in learning more about the change from LIBOR to SOFR.