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Tropical Financial and our 5/6 ARM is the right Florida home loan for you!

Benefits include: 

  • Lower monthly payments when compared to a conventional home loan
  • This loan is available on primary and secondary residences
  • No prepayment penalty
  • Some condominiums may qualify
  • Rate will not increase more than 1% every 6 months
  • Interest rate cannot increase more than 5% above the initial rate over the life of the loan

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We want to help take your achieve your dream of owning a home. Ready to learn more? Complete this form and we will reach out to you.

5/6 ARM New Purchase Rates

Rates effective as of February 26th, 2024

5/6 ARM
(variable rate)

6.625%*

Discount Points: 1.250

7.352% APR**

What's the rate?*

Important Loan Information

The information provided assumes the purpose of the loan is to purchase a property as a rate and term refinance, with a loan amount of $150,000 and an estimated property value of $200,000. The property is located in Miramar, FL and is within Broward county. The property is an existing single family home and will continue to be used as a primary residence. An escrow (impound) account is required. The rate lock period is 60 days and the assumed credit score is 740.

At a 6.625% initial interest rate, the APR for this loan type is 7.352%, subject to increase. Based on current market conditions, the payment schedule would be:    

  • 60 payments of $960.47 at a rate of 6.625%
  • 299 payments of $1039.14 at a rate of 7.500%
  • 1 payment of $1041.83 at a rate of 7.500%
If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.
What's the APR?**

Important Loan Information

The information provided assumes the purpose of the loan is to purchase a property as a rate and term refinance, with a loan amount of $150,000 and an estimated property value of $200,000. The property is located in Miramar, FL and is within Broward county. The property is an existing single family home and will continue to be used as a primary residence. An escrow (impound) account is required. The rate lock period is 60 days and the assumed credit score is 740.

At a 6.625% initial interest rate, the APR for this loan type is 7.352%, subject to increase. Based on current market conditions, the payment schedule would be:    

  • 60 payments of $960.47 at a rate of 6.625%
  • 299 payments of $1039.14 at a rate of 7.500%
  • 1 payment of $1041.83 at a rate of 7.500%
If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.

Jumbo 5/6 ARM
(variable rate)

6.750%*

Discount Points: 1.000

7.344% APR**

What's the rate?*
Important Loan Information 
  
The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $768,750 and an estimated property value of $1,025,000. The property is located in Miramar, FL and is within Broward county. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account is required. The rate lock period is 60 days and the assumed credit score is 740.
 
At a 6.750% initial interest rate, the APR for this loan type is 7.344%, subject to increase. Based on current market conditions, the payment schedule would be:
  • 60 payments of $4986.10 at a rate of 6.750%
  • 299 payments of $5333.07 at a rate of 7.500%
  • 1 payment of $5335.51 at a rate of 7.500%
 If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.
What's the APR?**
Important Loan Information 
  
The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $768,750 and an estimated property value of $1,025,000. The property is located in Miramar, FL and is within Broward county. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account is required. The rate lock period is 60 days and the assumed credit score is 740.
 
At a 6.750% initial interest rate, the APR for this loan type is 7.344%, subject to increase. Based on current market conditions, the payment schedule would be:
  • 60 payments of $4986.10 at a rate of 6.750%
  • 299 payments of $5333.07 at a rate of 7.500%
  • 1 payment of $5335.51 at a rate of 7.500%
 If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.

5/6 ARM Refinance Rates

Rates effective as of February 26th, 2024

5/6 ARM refi
(variable rate)

6.875%*

Discount Points: 1.250

7.481% APR**

What's the rate?*
Important Loan Information
 

The information provided assumes the purpose of the loan is to refinance a property as a rate and term refinance, with a loan amount of $150,000 and an estimated property value of $200,000. The property is located in Miramar, FL and is within Broward county. The property is an existing single family home and will continue to be used as a primary residence. An escrow (impound) account is required. The rate lock period is 60 days and the assumed credit score is 740.

At a 6.875% initial interest rate, the APR for this loan type is 7.481%, subject to increase. Based on current market conditions, the payment schedule would be:       

  • 60 payments of $985.39 at a rate of 6.875%
  • 299 payments of $1042.03 at a rate of 7.500%
  • 1 payment of $1043.89 at a rate of 7.500%
If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.
What's the APR?**
Important Loan Information
 

The information provided assumes the purpose of the loan is to refinance a property as a rate and term refinance, with a loan amount of $150,000 and an estimated property value of $200,000. The property is located in Miramar, FL and is within Broward county. The property is an existing single family home and will continue to be used as a primary residence. An escrow (impound) account is required. The rate lock period is 60 days and the assumed credit score is 740.

At a 6.875% initial interest rate, the APR for this loan type is 7.481%, subject to increase. Based on current market conditions, the payment schedule would be:       

  • 60 payments of $985.39 at a rate of 6.875%
  • 299 payments of $1042.03 at a rate of 7.500%
  • 1 payment of $1043.89 at a rate of 7.500%

If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.

Jumbo 5/6 ARM refi
(variable rate)

6.750%*

Discount Points: 1.000

7.314% APR**

What's the rate?*
Important Loan Information 
  
The information provided assumes the purpose of the loan is to refinance a property as a rate and term refinance, with a loan amount of $768,750 and an estimated property value of $1,025,000. The property is located in Miramar, FL and is within Broward county. The property is an existing single family home and will continue to be used as a primary residence. An escrow (impound) account is required. The rate lock period is 60 days and the assumed credit score is 740.

At a 6.750% initial interest rate, the APR for this loan type is 7.314%, subject to increase. Based on current market conditions, the payment schedule would be:

  • 60 payments of $4986.10 at a rate of 6.750%
  • 299 payments of $5333.07 at a rate of 7.500%
  • 1 payment of $5335.51 at a rate of 7.500%
If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.
What's the APR?**
Important Loan Information 
  
The information provided assumes the purpose of the loan is to refinance a property as a rate and term refinance, with a loan amount of $768,750 and an estimated property value of $1,025,000. The property is located in Miramar, FL and is within Broward county. The property is an existing single family home and will continue to be used as a primary residence. An escrow (impound) account is required. The rate lock period is 60 days and the assumed credit score is 740.

At a 6.750% initial interest rate, the APR for this loan type is 7.314%, subject to increase. Based on current market conditions, the payment schedule would be:

  • 60 payments of $4986.10 at a rate of 6.750%
  • 299 payments of $5333.07 at a rate of 7.500%
  • 1 payment of $5335.51 at a rate of 7.500%
If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.