5/5 Adjustable Rate Mortgage (ARM)
Our new 5/5 ARM1 is the ultimate hybrid of mortgage loan options. If you’re looking for the stability of a fixed-rate mortgage but the lower initial interest rate typical of an adjustable rate mortgage, the 5/5 ARM could be the right option for you. Plus, we’ll pay ALL lender fees saving you up to $600!2
Highlights
- Adjustable Rate Mortgage with a low interest rate that adjusts every 5 years for 30 years
- Interest rate may only increase 2% max at each adjustment period
- Maximum lifetime interest rate cap of 5% from the initial rate
- Available with 95% LTV (loan to value); only 5% down payment required
- Available in conforming and jumbo loan amounts
- Available on primary residences only
- NWFCU pays ALL lender fees – a savings up to $600!
Benefits
- Enjoy more house with a lower initial payment than a traditional fixed-rate loan
- Consistent monthly payments for budgeting and planning purposes since rate is subject to change once every 5 years
- Confidence that your interest rate won’t jump significantly during turbulent economic times with a maximum 2% adjustment and a lifetime cap of 5% from the initial rate
Our Mortgage Department will work with you, from start to finish, to help you choose the loan option that's right for you.
1 Requires a 5% down payment. Available only on primary residences.
2 Payment of lender fees is due from member upfront during application and loan processing. All lender fees will be credited at closing. Lender fees include: credit report; flood certificate; appraisal; tax service; NWFCU overnight delivery; document review; and underwriting fee.
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