Home Purchase
Adjustable-Rate Programs

5/1 ARM

Our 5/1 adjustable-rate mortgage (ARM) has a starting interest rate that is fixed for the first five years, and then adjusts up or down on a yearly basis following this period. Choosing an ARM normally provides a lower interest rate than a fixed-rate mortgage at the beginning of the loan, which means initial monthly payments will be lower.

  • Fixed payment for the first five years
    (payment may increase after this period)
  • Rate lock that covers the period between credit approval and closing*
  • Low lifetime cap
  • No negative amortization
  • No prepayment penalty
  • No private mortgage insurance (PMI) option
*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 Policy for terms and conditions.

Loan Amounts: Our 5/1 ARM loan amounts are based on where the property is located in California. Many California counties are considered “high cost areas” and allow for loan amounts above the standard conforming loan limit ($417,000).

Select County Maximum Loan Amounts
Orange $625,500
Los Angeles $625,500
San Diego $546,250

For additional loan information by county or more details about this program, please contact a real estate loan consultant at the number below.

Loan Term: The rate/pricing information below is based on a term of 30 years.

Rate APR Points Margin Caps Index Est. Pymt.
3.125 2.98% 0.000 2.750 2/2/5 0.110 $4.28

Programs available with no PMI: 5/1 and 7/1 terms with increases applied to interest rate/APR and margin; loan-to-value range from 80.01% - 90%; minimum down payment is 10%; primary residence single-family homes only (no condominiums). Please contact a real estate loan consultant for details.
PLEASE BE ADVISED: The interest rates, points, and APRs listed above are effective as of 04/24/2014 and examples of the loan pricing offered for a particular product. Loan pricing that you may qualify for can be different based on your credit history, loan-to-value (LTV), occupancy, property type, loan amount, loan purpose, and income/financial obligations. A minimum credit qualifying score is required. Payment examples do not include the cost of property taxes or insurance, so the actual payment obligation will be greater. Programs are subject to change without notice.

The APRs and estimated payments are based on a loan amount of $350,000.
Not applicable to loan pre-approvals without property selected.

To speak to a real estate loan consultant, please call
714/258-4000 or 800/462-8328, extension 8288.
Consultants are available Monday - Friday, from
8 a.m. to 7 p.m., and Saturday, from 9 a.m. to 3 p.m.

Site Map    Publications    Privacy Policy    About Us    Home
©2014 SchoolsFirst FCU. All rights reserved. 64-SchoolsFirstFCU2008