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“The Credit Union has something for everyone, from someone who is financially savvy to a person who just needs basic services.”


– Amy C.
Member Since 2010

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5/1, 5/5 and 7/1 Adjustable Rate Mortgages
Adjustable Rate Mortgages

 

An Adjustable-Rate Mortgage (ARM) has a starting interest rate that’s set for a period of time—either 5 or 7 years—and then adjusts up or down each year thereafter; or in the case of the 5/5, adjusts every 5 years after the initial 5 years.  

 

An ARM generally offers a lower interest rate than a fixed-rate mortgage at the beginning of the loan, which means your initial monthly payments will be lower. However, that low rate will eventually adjust, up or down, depending on the market.
 

Think of yourself or your family—how many homes have you owned, and what was the average length of time you stayed in each one? If you tend to move every few years, the lower initial rate of an ARM can offer you significant savings over a fixed-rate loan.

 

ARMs can be attractive because of their low initial interest rate, but if you’re considering one it’s important you understand when your payment will adjust, how often it will change, and how high it could go. A SchoolsFirst FCU loan consultant will carefully explain how this type of loan works.
 

Features

 

  • Down payments as low as 5%
  • Rate lock that covers the period between credit approval and closing1
  • No negative amortization—a portion of every payment goes toward lowering the balance you owe
  • No private mortgage insurance (PMI) option2
  • Ask about our School Employee Mortgage Program with special benefits for educators

Apply Now

 

 

Online

Complete an Express Application

 

Call

Call 

 

800.462.8328 ext. 8288

Monday through Friday, 8 a.m. - 7 p.m.

Saturday, 9 a.m. - 3 p.m.

 

 

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