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– 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.

 

 

Purchase and Refinance Rates

 

Loan amounts from $50,000 - $2,000,000 ($1,000,000 maximum with no-PMI option)


5/1 Adjustable Rate Mortgage

Interest Rate Annual Percentage Rate (APR)3 Points Margin Cap Index Estimated Payment Per $1,000 Borrowed3
3.000% 4.18% 0.000 2.750% 2% initial, 2% periodic, 5% lifetime 1.810% 1st 60 payments $4.22
61 - 72 payments $5.13
73 - 84 payments $6.09
85 - 96 payments $6.59


7/1 Adjustable Rate Mortgage

Interest Rate Annual Percentage Rate (APR)3 Points Margin Caps Index Estimated Payment Per $1,000 Borrowed3
3.250% 4.24% 0.000 2.750% 2% initial, 2% periodic, 5% lifetime 1.810% 1st 84 payments $4.28
85 - 96 payments $5.20
97 - 108 payments $6.18
109 - 120 payments $6.68


5/5 Adjustable Rate Mortgage

Interest Rate Annual Percentage Rate (APR)3 Points Margin Cap Index Estimated Payment Per $1,000 Borrowed3
3.125% 3.81% 0.000 2.375% 2% initial, 2% periodic, 6% lifetime 1.610% 1st 60 payments $4.28
61 - 120 payments $5.27
121 - 180 payments $6.19
181 - 240 payments $6.98

 

 

Disclosures

All loans subject to approval. Rates, terms, and conditions are subject to change.

The interest rates, points, and APRs listed above are effective as of date 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. Rates and programs are subject to change without notice.

160 days maximum from request of rate lock. See our "Rate Lock Information" for terms and conditions. Not applicable to loan pre-approvals without property selected. 

2Programs available with no PMI with increases applied to interest rate/APR and margin; loan-to-value range from 80.01% - 90%; minimum down payment is 5% and maximum loan amount of $1,000,000; 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.

3The APRs and estimated payments are based on a loan amount of $350,000 at current rates. Variable rate; rate and payment subject to increase.

 

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