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5/5 ARM with Lender-Paid Closing Costs
5/5 ARM with Paid Closing Costs

 

An Adjustable-Rate Mortgage (ARM) has a low starting interest rate that’s set for an initial period of time — either 5 or 7 years — and then adjusts up or down thereafter; in the case of the 5/5, adjustments occur every 5 years after the initial fixed 5-year term. Whereas traditional 5/1 ARMs adjust every year after the initial term.

ARMs generally offer a lower interest rate than a fixed-rate mortgage at the beginning of the loan, which means your initial monthly payments will be lower. 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.

With the 5/5 ARM with Lender-Paid Closing Costs,1 we provide a credit toward your final closing costs. You can keep more of your money to pay for moving expenses, home furnishing and other costs to help you settle into your new home. This program can be used in conjunction with our Home Advantage Program for even greater savings. Speak to a loan consultant to learn more.

Features

  • Purchase of primary residence only 
  • Closing costs paid (up to $5,500 depending on loan amount)
  • Down payments as low as 5%
  • Rate lock that covers the period between credit approval and closing2
  • No private mortgage insurance (PMI) option3

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.

 

 


5/5 Adjustable Rate Mortgage with Lender-Paid Closing Cost (Conforming)4

Interest Rate Annual Percentage Rate (APR) Points Margin Cap Index Estimated Payment Per $1,000 Borrowed
3.375% 3.40% 0.000 2.375% 2% initial, 2% periodic, 6% lifetime 1.860% 1st 60 payments $4.42
61 - 72 payments $5.43
73 - 84 payments $6.36
85 - 96 payments $7.17

 

5/5 Adjustable Rate Mortgage with Lender-Paid Closing Cost (Jumbo)

Interest Rate Annual Percentage Rate (APR) Points Margin Caps Index Estimated Payment Per $1,000 Borrowed
3.375% 3.40% 0.000 2.375% 2% initial, 2% periodic, 6% lifetime 1.860% 1st 84 payments $4.42
85 - 96 payments $5.43
97 - 108 payments $6.36
109 - 120 payments $7.17


5/5 Adjustable Rate Mortgage with Lender-Paid Closing Cost (No PMI)

Interest Rate Annual Percentage Rate (APR) Points Margin Cap Index Estimated Payment Per $1,000 Borrowed
3.500% 3.52% 0.000 2.500% 2% initial, 2% periodic, 6% lifetime 1.860% 1st 60 payments $4.49
61 - 120 payments $5.51
121 - 180 payments $6.45
181 - 240 payments $7.27

 

 

 

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

 

Disclosures

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

1If 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.

2 60 days maximum from request of rate lock. See our “Rate Lock Information” for terms and conditions.

3Programs available with no PMI: 5/5, 5/1 and 7/1 terms with increases applied to interest rate/APR and margin; loan-to-value range from 80.01% - 95%; minimum down payment is 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.

4"Conforming" loans meet loan limits set by the Federal Housing Finance Agency (FHFA). In most of the US, the maximum conforming loan is $484,350.

Loan amounts available up to $2,000,000. Please contact a real estate loan representative for details.

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.


Not applicable to loan pre-approvals without property selected.

 

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