| 10/6 ARM SOFR |
| Initial fixed interest rate for 10 full years; rate adjusts every 6 months thereafter.
Allows for higher loan amount qualification and enhanced buying power. |
| You want a longer initial fixed period than the 7/6 ARM.
To maximize the amount of loan you qualify for.
You plan to stay in the home for less than 10 years.
The stability of a fixed monthly payment for first 10 years of loan. |
| The interest rate and payment can increase after the first 10 years. |
| Rate caps = 5% at the first adjustment, 1% every 6 months thereafter
5% lifetime cap
Index = FSBNY 30-Day Avg SOFR
Margin = 3.00% |