Adjustable Rate Mortgages

WSB is your one stop shop for all your online mortgage needs.  Apply online, upload, and e-sign documents through our Borrower Portal.  But don’t worry – we’re still here to help you step-by-step if you need us.  
 
To ensure you have all the required documents needed to complete the application, please use our Mortgage Loan Checklist
 
Take a look at Fixed or Adjustable - Which Mortgage is Right for Me?  A brief, but helpful overview of the different mortgage products we offer.
 
 
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Term Interest Rate APR*
5/1 Year ARM 6.125% 6.599%
5/5 Year ARM

10/5 Year ARM
6.250%

6.500%
6.724%

6.729%




For a listing of fees associated with your mortgage, please see our schedule of fees.
 
*APR = Annual Percentage Rate

Adjustable Rate Mortgages Disclosure Information

An Adjustable Rate Mortgage (ARM) means the initial interest rate is fixed for an introductory period before adjusting on a predetermined basis. Our 5/1 ARM is fixed for 5 years, then adjusts annually and may increase based on a market index, but can’t go above the predetermined adjustment cap.  Our 5/5 ARM and 10/5 ARM are fixed for 5 years and 10 years respectively, then adjusts every 5 years and may increase based on a market index, but can’t go above the predetermined adjustment cap.

5/1 ARM EXAMPLE: A $100,000.00 5/1 ARM financed for 30 years at an interest rate of 6.125% would yield an APR* (Annual Percentage Rate) of 6.599% and 61 payments of $607.61, 298 payments of $643.82 and 1 final payment of $647.12

5/5 ARM EXAMPLE: A $100,000.00 5/5 ARM financed for 30 years at an interest rate of 6.250% would yield an APR* (Annual Percentage Rate) of 6.724% and 61 payments of $615.72, 298 payments of $652.18 and 1 final payment of $650.77

10/5 ARM EXAMPLE: A $100,000.00 10/5 ARM financed for 30 years at an interest rate of 6.500% would yield an APR* (Annual Percentage Rate) of 6.729% and 120 payments of $632.07, 239 payments of $650.92 and 1 final payment of $650.97

*The APR (Annual Percentage Rate) in this example reflects all pre-paid costs and odd days’ interest with no points. The borrower will pay cost of the survey, title insurance, attorney fees, appraisal fee, flood zone determination fee, credit report fee, underwriting, mortgage recording tax, abstract re-date and other applicable related costs. Please see our schedule of fees for details. Homeowner’s insurance will be required as well as flood insurance for applicable areas. All loans are subject to credit approval. Approval restrictions may apply.

 
FIRST TIME HOME BUYERS:  If you qualify under the guidelines as a First Time Home Buyer, the application fees and loan administration fees are waived.
 
 

You may also file complaints and obtain further information about Watertown Savings Bank by contacting us directly, or by contacting the New York State Department of Financial Services Consumer Assistance Unit at 1-800-342-3736 or by visiting the Department’s website atwww.dfs.ny.gov. Watertown Savings Bank is registered with NYSDFS.

Term Interest Rate APR*
5/1 Year ARM 6.875% 6.882%
5/5 Year ARM

10/5 Year ARM
7.000%

7.250%
7.008%

7.212%




For a listing of fees associated with your mortgage, please see our schedule of fees.

*APR = Annual Percentage Rate

No Closing Cost Adjustable Rate Mortgages Disclosure Information

An Adjustable Rate Mortgage (ARM) means the initial interest rate is fixed for an introductory period before adjusting on a predetermined basis. Our 5/1 ARM is fixed for 5 years, then adjusts annually and may increase based on a market index, but can’t go above the predetermined adjustment cap.  Our 5/5 ARM and 10/5 ARM are fixed for 5 years and 10 years respectively, then adjusts every 5 years and may increase based on a market index, but can’t go above the predetermined adjustment cap.

No Closing Costs simply means the customer is not charged for many of the “closing costs” of the mortgage. Closing costs range from $1,800.00 - $2,500.00, but are waived. Closing costs may include fees such as title insurance, abstract update, non-escrow, credit report, loan processing, appraisal, attorney fees and other expenses that are non-recurring (one time) charges at the beginning of the loan process. Please see our schedule of fees for details. However, under unusual circumstances, the borrower may pay some fees. The mortgage loan account must be kept open for a minimum of 2 years to avoid paying closing costs.

5/1 ARM EXAMPLE: A $100,000.00 5/1 ARM financed for 30 years at an interest rate of 6.875% with no closing costs would yield an APR* (Annual Percentage Rate) of 6.882% and 359 payments of $656.93, 298 payments at $649.51 and 1 final payment $646.01

5/5 ARM EXAMPLE: A $100,000.00 5/5 ARM financed for 30 years at an interest rate of 7.000% with no closing costs would yield an APR* (Annual Percentage Rate) of 7.008% and 359 payments of $665.30,  239 payments of $657.83 and 1 final payment $659.98

10/5 ARM EXAMPLE: A $100,000.00 10/5 ARM financed for 30 years at an interest rate of 7.250% with no closing costs would yield an APR* (Annual Percentage Rate) of 7.212% and 120 payments of $682.18, 239 payments of $662.70 and 1 final payment of $661.36

*The APR (Annual Percentage Rate) in this example reflects all pre-paid costs and odd days’ interest with no points. An Appraisal Fee is initially collected from the customer, but refunded in full at the time of the loan closing. If the loan does not close and the appraisal was ordered, the Bank retains the fee. Please see our schedule of fees for details. All loans are subject to credit approval. Approval restrictions may apply.

 

FIRST TIME HOME BUYERS:  If you qualify under the guidelines as a First Time Home Buyer, the application fees and loan administration fees are waived.
 
 

You may also file complaints and obtain further information about Watertown Savings Bank by contacting us directly, or by contacting the New York State Department of Financial Services Consumer Assistance Unit at 1-800-342-3736 or by visiting the Department’s website atwww.dfs.ny.gov. Watertown Savings Bank is registered with NYSDFS.