Is an Adjustable Rate Mortgage Right for You?
Greater Flexibility. Lower Monthly Payments Initially. More Buying Power.
2.375% Rate* 3/1 Adjustable Rate Mortgage
With a 3/1 ARM rate this low, you CAN afford to buy your dream home!
- Low monthly payment for the initial fixed term (a big benefit if you’re buying a new home and facing furniture and upgrade expenses)
- Good choice if you plan to move or refinance before the initial fixed term expires
- No prepayment penalty (should you choose to pay off your ARM early)
- Free 60-day rate lock
Before you choose an ARM you should carefully consider whether you are comfortable with the potential of a higher ARM payment after your initial fixed term expires. You may or may not be able to refinance this loan in the future, depending on your credit worthiness, home value, etc.
We know that buying a home is a big decision, and we are here to help. A home loan specialist can help you review the terms, structure and benefits of each type of loan. That way, you can be sure that you and your family select the right home loan for your situation.
Visit any of our branches or apply online and receive a loan decision in minutes!
*Rate and terms effective August 21, 2013 and are subject to change or end without notice. Loans are available for primary residences only and are subject to Credit Union loan policies. Fixed rate for 3 years, then converts to the 1-year Constant Maturity Treasury plus a margin, rounded to the nearest eighth. Rate is subject to adjust by a maximum of 2.50% at first change and a maximum of 2.00% annually thereafter. Lifetime cap is 6.00% over start rate, rounded up to the nearest eighth. Based on a 30-year $400,000 loan with 25% down and no cash out, the monthly payment for the first 36 months is $3.89 per $1,000 borrowed for an APR of 2.439% and for the remaining term, based on today’s index value, is $4.19 per $1,000 borrowed of an APR of 2.439%.