Adjustable Rate Brings Homebuyer to Family Trust


Andres Romero had never heard of Family Trust before he got an adjustable rate mortgage here, but now he’s telling family and friends about us.

“It was a very positive process,” said Romero, who plans to relocate to Rock Hill from New York. “It was a great experience.”

Romero and his wife opted for a 5/1 adjustable rate because it offered a lower rate and gave him flexibility in reaching his financial goals, he said.

He plans to pay off as much of the mortgage as possible before the rate adjusts after the five-year time period, he said, adding he estimates payments will continue to be reasonable if he has a balance.

“It’s a really good product,” he said.

Family Trust is now offering 7/1 and 15/1 ARMs, with no origination fee and $500 credit for appraisal and credit report fees available through Dec. 31.

An adjustable rate mortgage typically offers rates lower than a 30-year-fixed. The rate adjusts each year after an initial set time and there’s a cap on how high the rate can adjust. Closing times tend to be quicker.

An ARM works well for first-time homebuyers, fixer-uppers, and young families who plan to move in a few years, according to Kim Gillette, assistant vice president of Mortgage Production.

Family Trust made the process easy, said Romero, adding Carolyn Fast, mortgage loan originator, kept them informed along the way. Loan documents were signed electronically.

“We came for the closing,” Romero said. “It was so exciting.”