Merix Financial has taken the lead in the variable-rate market by offering prime + 0.40% on its Adjustable Rate Mortgage (ARM).

This is the lowest nationally-available variable rate we’ve seen since last fall.  It also significantly undercuts all the big banks.

The news is especially impressive because Merix is a non-bank lender.  It does not have the benefit of deposits, which the big banks are using as a low-cost way to fund their variables.

Merix’s ARM is available through Merix-approved mortgage planners only.  It can be converted at any time to one of Merix’s best discounted fixed-rate mortgages.  It also comes with a 120-day rate hold for purchases and switches, and 60 days for refinances.

Please contact a mortgage planner for complete details.

Last modified: April 28, 2014