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Adjustable Rate Mortgages

An Adjustable Rate Mortgage may be a good choice if you:

  • Want to maximize your buying power
  • Want to keep your payments lower during the first few years of your loan
  • Plan to stay move into a different home within the next ten years
  • Plan to pay-off your mortgage within the next 10 years
  • If, in the coming years, you expect your income to increase significantly

10/6 ARM SOFR

Best Choice If:

  • You want a longer initial fixed period than the 7/6 ARM.
  • To maximize the amount of loan you qualify for.
  • You plan to stay in the home for less than 10 years.
  • The stability of a fixed monthly payment for first 10 years of loan.
    		• Advantages:

  • Initial fixed interest rate for 10 full years; rate adjusts every 6 months thereafter.
  • Allows for higher loan amount qualification and enhanced buying power.
    		• Disadvantages:

  • The interest rate and payment can increase after the first 10 years.
    		• Sample Payment:

    The Monthly Mortgage Payment (P&I) is based on a purchase price of $300,000 for an owner-occupied conforming property with a 20% down payment and a 30-year term. The calculations assume member-paid closing costs, including points, which typically range from 2-3% of the loan amount.

    7/6 ARM SOFR

    Best Choice If:

  • You want a longer initial fixed period than the 5/6 ARM.
  • You plan to stay in your home less than 7 years.
  • You want the stability of a fixed monthly payment for the first 7 years of a loan.
    		• Advantages:

  • Initial fixed interest rate for 7 full years; rate adjusts every 6 months thereafter.
  • Initial lower rate and payment than a fixed loan.
  • Potentially allows for higher loan amount qualification and enhanced buying power.
    		• Disadvantages:

  • The interest rate and payment can increase at the end of the first 7 years.
    		• Sample Payment:

    The Monthly Mortgage Payment (P&I) is based on a purchase price of $300,000 for an owner-occupied conforming property with a 20% down payment and a 30-year term. The calculations assume member-paid closing costs, including points, which typically range from 2-3% of the loan amount.

    5/6 ARM SOFR

    Best Choice If:

  • You plan to stay in your home a short period of time
  • You want to keep your payments low.
  • You want to qualify for higher loan amounts with lower interest rates.
  • You want the stability of a fixed monthly payment for first 5 years of loan.
    		• Advantages:

  • Initial fixed interest rate for 5 full years; rate adjusts every 6 months thereafter.
  • Allows for higher loan amount qualification and enhanced buying power.
    		• Disadvantages:

  • It's riskier if you don't expect your income to increase over the initial 5-year period to cover the change in monthly payment.
  • Interest rate can rise above the current fixed rates over time.
    		• Sample Payment:

    The Monthly Mortgage Payment (P&I) is based on a purchase price of $300,000 for an owner-occupied conforming property with a 20% down payment and a 30-year term. The calculations assume member-paid closing costs, including points, which typically range from 2-3% of the loan amount.

    Mortgage Rates

    The Loan Consultant feature determines the products and rates that match your needs.

    Ready to Start?

    To apply for your easy online loan, all you have to do is answer a few simple questions about yourself, your property and your income, debts and assets.

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