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Adjustable Rate Mortgage

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Move into a home you love with low interest rates.

The Benefits of Interest Rate Adjustments

Initial Fixed Rate Period

Start the first year or first 7 years of home ownership with low, fixed interest rates

Save Money on Interest

Annual rate caps after the first year or initial 7 years, and a 5% cap over the life of the loan

1/1 and 7/1 ARM Loans Available

Choose a fixed rate period of one or seven years

1% Origination Fee

Pay only a 1% origination fee for your loan*

Initial Fixed Rate Period

Start the first year or first 7 years of home ownership with low, fixed interest rates

Save Money on Interest

Annual rate caps after the first year or initial 7 years, and a 5% cap over the life of the loan

1/1 and 7/1 ARM Loans Available

Choose a fixed rate period of one or seven years

1% Origination Fee

Pay only a 1% origination fee for your loan*

Bowater Adjustable Rate Mortgages (ARMs)

An adjustable-rate mortgage (ARM) gives you access to extremely low interest rates for the initial fixed period. ARMs are great for people who don’t plan to stay in their homes for a long time unless they’re open to refinancing their loans. If you plan to move in a few years, an ARM might be the best home loan for you.

Our 7/1 ARMs are perfect for most people, saving you money in interest and keeping payment low. Enjoy a 7-year fixed rate period, followed by an adjustable rate for the next 23 years that caps at 2% annually.

A 1/1 ARM  is the lowest payment available, with a fixed rate period for the first year, and an adjustable rate for the next 29 years that caps at 1% annually.

Excited Man And Woman Entering Empty Room In New Home

Our Application Process is Simple and Convenient

Step
1
Pick the Mortgage to Meet Your Needs

We’ll help you navigate the available rates and payments.

Step
2

Complete Loan Application

Fill out our quick and easy online application.

Step
3

Get Pre-Approved

Review and agree to your ARM loan amount, rates, and terms.

★★★★★

“Always friendly and quick service. very helpful with loans”

– Will G.

Adjustable Rate Home Loan FAQ

What is the difference between an ARM and a fixed rate mortgage?

With a fixed rate mortgage, you’ll have the same interest rate for the entirety of the life of the loan. Conventional fixed rate loans for home buyers are available in either 15 or 30-year increments.

Does the VA offer ARMs?

Learn more about VA loans here.

How do I know what type of interest rate I’m going to get on my home loan?

When we review your mortgage application, we review a number of factors, including:

  • Credit score
  • Income
  • Debt-to-income ratio (DTI)
  • Existing assets
  • Tax returns
  • Down payment amount
  • Gift letter if anyone is helping you make your down payment

            These documents and this information help us get a comprehensive picture of your financial situation. Generally speaking, the better your credit score, the lower the interest rate on your loan.

            Do I need to be a member of Bowater to take advantage of their home loan products?

            You do need to be a member to get a loan but you don’t need to be a member to apply! We can take care of your membership application during your mortgage application process.

            Visit here to find out more about eligibility and joining.

            Does Bowater offer any methods for borrowers to improve their credit?

            As a member-owned not-for-profit, we’re on your side. If you want to either build or establish credit, our Share Secured Loans can be a good option. You borrow against the amount in either your Savings or CD accounts, making either period or lump-sum payments.

            Can I make my mortgage payments online?

            Bowater offers online bill pay through myBRANCH, which lets you schedule automatic payments and view your payment history.

            Meet Our Team

            GAYLE TAYLOR
            NIKKI BLACK
            Mortgage Loan Manager NMLS# 616764

            Schedule Appointment Apply Now

            Mortgage Loan Officer NMLS# 1985165

            Schedule Appointment Apply Now

            Meet Our Team

            GAYLE TAYLOR
            Mortgage Loan Manager NMLS# 616764

            Schedule Appointment Apply Now

            NIKKI BLACK
            Mortgage Loan Officer NMLS# 1985165

            Schedule Appointment Apply Now

            More Loan Options

            Fixed Rate Home Mortgage

            10- or 15-year fixed rate mortgages offer competitive rates with low monthly payments.

            Home Equity Line of Credit

            Already own a home and need extra funds? If you’ve already built equity in your home, you can have access to cash when you need it.

            Mortgage Refinancing

            Get a better interest rate or monthly payment and free up your money.