Adjustable Rate Mortgages (ARMs)

With these home loans, SLFCU combines a low rate with payment stability similar to our fixed rate mortgage.

• Budgeting predictability – lock in rates and payments for 5- or 15-year periods
• Low closing costs – for jumbo loans, too
• No private mortgage insurance (PMI) required
• Payments that fit your budget – terms up to 30 years and no points

5/5 ARM 

This mortgage is a smart choice for first-time home buyers and those who may move or refinance within five to seven years. Get the security of a rate and payment that adjust only once every five years.

• Down payments as low as 3% for first-time home buyers
• Rate caps for peace of mind – each adjustment is capped at 2%, and your rate will never increase more than 5% above your origination rate

15/15 ARM

This mortgage is perfect for growing families or near-retirees who expect to move within 15 years.

• Down payments as low as 3% for first-time home buyers
• Lower rates and closing costs than a fixed rate mortgage
• Your rate will only adjust once during the life of the loan and is capped at 6% above your loan origination rate

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