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
7/1 ARM
This mortgage is a great choice for those who may move or refinance within seven years. Get the stability of a seven-year fixed interest rate, a rate and payment that adjust annually after that, and a 30-year term with no points.
- More purchasing power: The 7/1 ARM offers a lower qualifying rate than other loan types, meaning you could qualify for a bigger amount
- Down payments as low as 3% for first-time home buyers
- Rate is capped at 3.5% at the first adjustment, and cannot increase or decrease by more than 2% at each annual adjustment after that
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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