Homebuyers, get a
Great Rate on a Mortgage.
40 Year 10/1 ARM*
5.250% 4.333%
Interest Rate APR**
Call 846-3400 or 800-234-8586
outside Newport County
*This Adjustable Rate Mortgage is fixed for the first ten years then adjusts yearly. Interest rate applies to purchase loans only up to $500,000. Other interest rates, programs and terms available. Annual percentage Rate (APR) is accurate as of 10/1/2009 and is subject to change without notice. Closing costs apply. **For example, a purchase loan of $100,000 using an APR of 4.33% with a 20% down payment and 0 points amortized over a 40-year term would result in 120 initial monthly payments of $498.87. Payments disclosed do not include amounts for taxes and insurance premiums and, if account escrowed, will result in the actual payment obligation being greater.The interest rate, APR and payment amount may increase or decrease after the end of the initial 10-year fixed rate period then adjusts annually thereafter based on an Index. The maximum annual interest rate change is capped at 2%, with a lifetime cap of 6%. Interest rate will be based on an Index plus a margin. The Index is the weekly average yield on US Treasury Securities adjusted to a constant maturity of one year as made available by the Federal Reserve Board. Lower down payment options available. Down payments of less than 20% would require Private Mortgage Insurance which could increase the APR and monthly payment. Rhode Island, Southeastern Massachusetts and Eastern Connecticut properties are eligible. Available on purchases of 1- 4 family and condo primary residences and single family and condo second homes. Subject to credit approval. Homeowners insurance required. Flood insurance may be required. Other terms and conditions apply. Please contact a BankNewport representative at 846-3400 or 800-234-8586 (Outside Newport County) for details about credit costs and terms.