Adjustable-Rate Mortgage (ARM) Loans
Find the right mortgage loan to match the perfect house.
CMCU offers a variety of adjustable-rate mortgage loan options for borrowers. An ARM loan has an interest rate which varies throughout the life of the loan. There is an initial period where the interest rate is fixed, and then the rate resets periodically at an interval which is determined in your loan terms. Your local CMCU mortgage lender can help you determine if an ARM loan is the right option for you.
An ARM loan might be a good choice if you're planning on paying off most of the mortgage loan before the fixed interest rate period ends or if you won't be financially burdened when the rate changes.
Rate and Payment Caps
When your fixed-rate period ends, your interest and payment amount will adjust. However, based on the terms of your loan, your interest rate and payment can only adjust within a certain specified amount.
Loan Terms Example
5/1: 5 years at a fixed interest rate, followed by a possible annual rate adjustment for the remainder of the loan term.
Adjustable-Rate (ARM) Mortgage Loan Calculator
Estimate your monthly payment for an adjustable-rate mortgage loan.
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Check out some of the mortgage loan options available with CMCU:
Please note, while you are undergoing the mortgage loan process, it is best that you check with your mortgage lender before opening any other loans at the same time.
IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.
We may also ask to see your driver’s license or other identifying documents.