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Many of SLFCU’s branch lobbies have re-opened for member service with additional safety precautions. Kirtland and Livermore East remain closed. Learn more. To read more about how COVID-19 is affecting SLFCU, click here.

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SLFCU’s 15/15 Adjustable Rate Mortgage3/4/2019

SLFCU offers 15/15 adjustable rate mortgages (ARMs) that have the stability of just one rate change during the life of the loan.

With our 15/15 ARM, you can lock in a low rate and rely on the same monthly principal and interest payment for 15 years. It may adjust only once during the term of the loan. SLFCU’s ARMs are tied to a slow-moving, stable federal index – the 10-Year U.S. Treasury Note – and can increase by no more than 6% at adjustment.

SLFCU’s mortgages have low closing costs and no private mortgage insurance. This mortgage may be right for you if you are considering a 30-year fixed rate loan but would prefer lower payments. If you plan to stay in your home for a decade or more, the 15/15 provides stability similar to fixed rate mortgages with a lower interest rate and low closing costs. This may also be an ideal mortgage if you expect to move or refinance before the rate adjustment.

SLFCU mortgages are processed and serviced by SLFCU professionals. When you have a question, you’ll always be able to talk to someone at the Credit Union. View our current rates, loan calculators, details about the mortgage loan process, or apply online. Contact SLFCU’s Mortgage Department at 505.237.7161 or 800.947.5328 x7161 to discuss your mortgage options.


Maximum loan-to-value is 80%. Rate for the remaining term adjusts at 15 years and is based on the then-current index plus margin, rounded to the nearest eighth of a percentage point, and subject to the floor rate of 4.00%. Index is the one-month average yield of the 10-Year United States Treasury Security. Rates subject to change; check with SLFCU for current rates. A $45 initial credit report fee applies to all loans. Contact SLFCU for details.



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