BankUnited offers new adjustable-rate mortgageMortgagePress.com5-year ARM
BankUnited Financial Corporation has begun offering a new
adjustable-rate mortgage (ARM), titled the 5-Year Select Monthly
ARM, with which the borrower's rate is fixed during the first five
years and three types of monthly payment options are available
(minimum, interest only and full payment).
After five years, the loan's interest rate adjusts monthly to
the MTA index and borrowers pay off the principal and interest
remaining on the loan. After this period, payment increases are
capped at 7.5 percent. Interest may be deferred up to 115 percent
of the principal balance at any time, during the life of the
Coral Gables, Fla.-based BankUnited Financial Corporation is the
holding company for BankUnited FSB. For more information, call
(877) 779-2265 or visit www.bankunited.com.