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When you want to maximize your home purchasing power but want the option of a fixed payment over the long term.
- Convertible mortgages let you have the advantages of both fixed- and adjustable-rate loans
- You begin with an ARM and its advantages of a lower interest rate
- If you decide to convert to a NewAlliance fixed-rate mortgage, you can do so without the hassle or expense of refinancing
- 1-year ARM can choose to convert between months 13 and 60
- 5/1 ARM can choose to convert only at month 59
- Pay only a low, one-time fee
- Interest rate discounted for refinanced mortgages when you have your monthly payment automatically deducted from a NewAlliance checking account
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