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Sandia Laboratory Federal Credit Union Sandia Laboratory Federal Credit Union Go to main content
Routing #307083911|
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SLFCU’s 5/5 Adjustable Rate Mortgage


SLFCU offers 5/5 adjustable rate mortgages (ARMs) that provide the security of a rate and payment that adjusts once every five years. With rates lower than our 30-year fixed mortgages, SLFCU’s 5/5 adjustable rate mortgage is a great way to make homeownership a reality in the current market.

You can take advantage of a lower rate now and potentially refinance within the next five years if rates are lower, making this a great option for first-time homebuyers and those who may move or refinance within five to seven years.

SLFCU’s home loans also have:

  • No private mortgage insurance requirement.
  • Down payments as low as 3% for first-time homebuyers.
  • Rate caps for peace of mind - each adjustment is capped at 2%, and your rate will never increase more than 5% above your original rate.

Home loans with SLFCU are processed and serviced locally. When you have a question, you’ll always be able to talk to someone at the Credit Union. View current rates, loan calculators, and details about the home loan process, or apply online. Contact SLFCU’s Mortgage team at 505.237.7161 or 800.947.5328 x7161 to discuss your home loan options.

5/5 Adjustable Rate Mortgages

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Owner Occupied 1st
Effective Date: Sunday, October 1st, 2023
TypeTermRate 1st 5 YearsAPRCurrent Calculation of Rate Remaining Term 1Payment Per $1,000 Financed
5/5 1st 30 Years As low as 6.500% As low as 5.960% 5.750% $6.32
Jumbo 2 5/5 1st 30 Years As low as 6.500% As low as 5.966% 5.750% $6.32
5/5 >80%3 1st 30 Years As low as 7.000% As low as 6.464% 6.250% $6.65
Jumbo 2 5/5 >80%3 1st 30 Years As low as 7.000% As low as 6.471% 6.250% $6.65

APR = Annual Percentage Rate. Rate and payments adjust only once every 5 years. Rate is variable and can increase by no more than 2.0% every five years with a lifetime cap of 5.0%. 4.00% floor rate applies beginning at first adjustment.

Valid for adjustable rate first mortgages for owner occupied properties. Construction loans are excluded from this offer. Maximum loan-to-value is 80%. Rate for the remaining term adjusts every five 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. Index is the one-month average yield of the 10-Year Treasury Note. Rates subject to change; check with SLFCU for current rates. Available rate based on credit history. Not everyone will qualify for lowest rate. A $45 initial credit report fee applies to all loans. Third party fees may apply in certain circumstances. Additional fees may apply outside New Mexico. Survey fee may be required. You will receive an estimate of closing costs when you apply. Consult your tax advisor regarding the deductibility of interest. You must insure the property that secures the loan. Fees subject to change without notice. If loan does not close, fees incurred will be charged to the member. APR Calculations are based on the following loan amounts for properties located in New Mexico or California: Non-Jumbo: $180,000, Jumbo: $726,200. All loans subject to credit approval. Contact SLFCU for details.

1 Since the index in the future is unknown, the Current Calculation of the Rate for the Remaining Term displayed is based on the current index plus margin (fully indexed rate) as of the date above, subject to the floor rate of 4.00%.

2 For loans over $726,200

3 Up to 97% maximum loan-to-value for first-time homebuyers, 95% loan-to value for all other purchases.

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