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Jewett City Savings Bank

Convertible Adjustable Rate Mortgage (ARM)

Want a low introductory rate and the flexibility to convert to a fixed rate later?
Now you can have both.

Choosing the right mortgage is critical to saving money – and having peace of mind.

Shouldn’t your bank make it easy for you to make the right choice?

Benefits of a Convertible ARM include

Lower introductory rate and payments

Flexibility and

Peace of

Personal Service
from Neighbors

At Jewett City Savings Bank, we want to help you get the mortgage that makes you feel most comfortable. 

That’s why we offer a Convertible ARM which allows you to take advantage of a lower initial rate while having the flexibility to later convert to a fixed-rate mortgage.

How it works

You start with a lower interest rate and monthly payment for an initial period of 1, 3, or 5 years.

Then, within the first 10 years, the loan can easily be converted to a fixed-rate mortgage at the current 30-year rate for the remainder of the term for a one-time fee.  This gives you the freedom to decide what rate to lock into without having the expense or hassle of refinancing.


Have questions?

To find out if a Convertible ARM is right for you, visit any of our offices, give us a call at 860-376-4444 or complete our quick contact form below and a member of our team will get back to you.







Monthly Payments per $1000 borrowed

1/1 ARM

30 years





3/1 ARM

30 years





5/1 ARM

30 years





Adjustable Rate Mortgage (ARM) loans are variable rate loans; the interest rates and payments may increase after consummation. Rates and payments will remain the same for the first 1, 3, or 5 years and then can adjust to a new rate and payment each year thereafter based on an index. The current index is the weekly average yield on United States Treasury Securities adjusted to a constant maturity of 1 year, as made available by the Board of Governors of the Federal Reserve System. For example, if you select the 5/1 ARM program, your rate and principal plus interest payment will be fixed for the first 5 years (the 5 in 5/1 ARM); thereafter, the interest rate and payment could change every year for the remainder of the mortgage’s term (the 1 in 5/1 ARM).

*Annual Percentage Rates (APR) and interest rates are effective May 2, 2023, based on current pricing and subject to change at any time without notice. Rates are determined by loan amount, creditworthiness, loan-to-value (LTV), loan term, occupancy status, property type, loan purpose, property location and lien position, so your rate could be higher. Advertised rates are based on a set of loan assumptions (0 discounted points, a credit score of 740 or higher, LTV of 60% or less, a 30-year term, owner-occupied, single-family residence for purchase in Connecticut or Rhode Island, in first lien position). Mortgage insurance may be required depending on loan guidelines. If mortgage insurance is required, the mortgage insurance premium could increase the APR, interest rate and the monthly mortgage payment. Additional loan programs are available. All loans are subject to approval. Other restrictions may apply.

Your Life. Your Bank.

 Use our information request form, visit any of our offices, or give us a call at 860-376-4444 and find out how Jewett City Savings Bank can help you.

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