If you're buying or refinancing a home, and want a low initial monthly payment and interest rate, an adjustable-rate mortgage (ARM) is worth a look. Our 5/1, 7/1, and 10/1 ARMs offer a fixed, low rate for the first five, seven or 10 years, then adjust up or down every year. We also offer a 5/5 ARM, with a fixed rate for five years, adjusting up or down every five years thereafter.

An adjustable-rate mortgage may offer a lower initial interest rate than a conventional fixed rate loan. If you plan to stay in your home for only a few years, or you expect your income to increase in the years ahead, an ARM may be a smart choice.

Today's rates

As low as 5.625% ( 6.96% APR)

See all PURCHASE or REFINANCE rates.

Features of our ARMs

  • Down payments as low as 5%.
  • Rate lock for the period between credit approval and closing.1
  • No negative amortization — a portion of every payment lowers your principal.
  • Option for no Private Mortgage Insurance (PMI)2, which is usually required on loans with less than 20% down and can add several hundred dollars to your monthly payment.
  • Option to pay points at closing in exchange for a lower rate.
  • Lender-paid closing costs option for purchases.3
    • If you don't have the cash to pay the upfront fees, in exchange for a slightly higher rate, on the 5/5 ARM only, we'll pay up to $5,500 of your nonrecurring closing costs, such as your appraisal, inspection, title insurance and origination fees, depending on your loan amount. Even if you have the cash, this option lets you keep some of it on-hand for moving expenses, home furnishings, or repairs.


If you're ready to begin searching for a home or looking to refinance, start with the Credit Union you trust.


Our loan consultants will answer your questions about financing and find a loan that's right for you.

In Person

Appointments available at designated branch locations.

(800) 462-8328, ext. 8288

Monday through Friday, 8a.m. – 7p.m.
Saturday, 9a.m. – 3p.m.


Schedule to meet a loan consultant or inquire now to have a loan consultant contact you.

If we aren't the best deal, we'll tell you.

If you've shopped rates elsewhere, we will gladly do a cost comparison to help you make a confident choice — even if that means choosing another lender.


APR = Annual Percentage Rate. All loans subject to approval.

​The interest rates and APRs listed above are effective as of 06/01/2023 and are subject to change without notice. The pricing you may qualify for is based on factors including your credit rating and loan-to-value (LTV) of your property. A minimum credit qualifying score is required. Adjustable-rate home loans; rate and payment subject to change after loan consummation.
  1. Limits apply to the length of rate locks offered and rate locks may not cover the entire period between credit approval and closing in all cases. See our Rate Lock Information for terms and conditions.
  2. Programs available with no PMI with increases applied to interest rate/APR; loan-to-value range from 80.01% - 95%; minimum down payment of 5%; eligible properties are primary residence single-family homes and condominiums; condominium subject to additional rate adjustment. Please contact a real estate loan consultant for details.
  3. If the loan is paid in full prior to the 36th regularly scheduled payment, you will be obligated to reimburse SchoolsFirst FCU for a prorated amount of closing costs paid on your behalf. This amount will be added to the loan payoff balance.

Refer Family or Friends

Invite your immediate family and eligible colleagues to join SchoolsFirst Federal Credit Union!

Not a Member?

Joining SchoolsFirst FCU is quick and easy. Apply for Membership today.