15/15 Adjustable Rate Mortgage


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A one-of-a-kind mortgage for your one-of-a-kind home.

As you shop for that perfect home, know that Tioga State Bank has the perfect financing to make that dream come true.

What is a 15/15 Adjustable Rate Mortgage?

Tioga State Bank’s new 15/15 Adjustable Rate Mortgage has an attractive fixed rate for the first 15 years, then adjusts once and remains fixed for the remainder of the 30-year term.  

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*Available on purchases and refinances of primary residence and second homes only (investment properties are not eligible). No points. Minimum loan amount $25,000, maximum $417,000. New money only. Rate adjustment period: Fixed for first 15 years. Adjusts in year 16 and then remains fixed for remainder of term. When rate adjusts, the new rate will be the then current index (weekly average yield on US Treasury securities adjusted to a constant maturity of 10 years) plus a margin of one percent (1.750%) rounding to the nearest one-eighth (0.125%). The new rate cannot exceed six percent (6.000%) above the initial rate or cannot be lower than the floor rate. Floor rate will equal the initial rate.  Annual Percentage Rate (APR) effective as of 5/2/16 is 3.853% and is subject to change without notice.  APR may be higher depending on credit score and property type.  Example: The initial principal and interest payment on a $100,000 loan with a 360-month term at an APR of 3.853% would be $463.12.