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Lake Shore Savings Bank has several adjustable rate mortgage programs as an option to you. We offer a 1 year ARM, a 5-1 ARM, and a 7-1 ARM where the loan would remain fixed through that period. Who might be good borrowers for ARMs?

  • Do you plan to remain in your home for only a short time? If you will be in your house for less than five years, you will probably save money by opting for the ARM. The total cost will be less than that with a fixed rate.
  • Do you expect your income to increase later and you want to qualify for a larger loan now? A lower initial interest rate, compared to those of fixed-rate mortgages, may mean lower payments. This might help you qualify for a bigger loan and a more desirable home than you would normally.
  • Want a short-term boost to finances? The money you save with adjustable rate mortgages each month could be directed towards investments, college savings, retirement, home expenses, or more.
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