An adjustable-rate mortgage, also known as an ARM, is a home loan with an interest rate that adjusts up or down based on the market. Compared to fixed-rate mortgages, ARMs typically have a lower interest rate and lower monthly payment at the start. The interest rate on an ARM doesn’t change during the first 3, 5 or 7 years of your loan depending on the term you select. After the fixed rate period, the interest rate on your ARM can change as often as every month until your loan matures. ARMs have a maximum annual increase and maximum increase over the life of the loan. Our residential loan specialists will take the time to explain all your options in detail.

When you refinance an existing mortgage, the balance due on your current mortgage is refinanced with a new loan at a new rate and term. That’s why it’s important to know the interest rate on your current loan. Refinancing makes sense when the rate on your new loan will be lower, which can save you money each month. If you choose cash-out refinancing, you are also refinancing your current mortgage at a new rate and term, and using the equity in your home to borrow more and receive cash. You can use the cash to pay off higher rate debt, like credit card balances, or avoid new debt by paying in cash for purchases like home repairs, a vacation, tuition and other large purchases. Our residential lending team of experts can help you decide if refinancing your existing mortgage is right for you.

Our home loan experts will let you know what documents are needed based on your type of loan and specific situation. In addition to a completed mortgage application, here are some of the common documents required to apply for a home loan: Proof of income, such as W-2s for the last 2 years and pay stubs or confirmation of payroll for the most recent 60 days If you are self-employed, most recent quarter or year-to-date profit and loss statement Bank statements for all your accounts, including deposit accounts and investments, for the most recent 60 days Signed personal and business tax returns (if applicable) including all related schedules, for the past two years Purchase and Sales Agreement signed by you and the seller If you’re refinancing an existing mortgage, you should also be prepared to provide: Proof of insurance such as homeowners, windstorm and flood Copy of the recorded deed showing legal owners of the property Title insurance

You can use BanescOnline and Banesco Mobile to make a secure loan payment from your Banesco USA checking or savings account. Since your loan has an adjustable rate, you’ll receive a monthly statement indicating the amount and date your payment is due. Simply sign in online or in the app and specify the amount to pay. You can also visit a branch to make a payment in person or mail a check to the address that will be on your monthly statement.