TROY, N.Y. - Troy Savings Bank announced a new 30-year loan it calls a Designer Mortgage that combines both an adjustable and a fixed rate mortgage in one loan.

A customer chooses the proportion of fixed to adjustable rate. The combination is in effect for the first five years of the loan. After that, it reverts to a one-year adjustable for the remainder of the mortgage.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.