Here’s why you might want to arm yourself with an Adjustable Rate Mortgage:
- By the numbers: ARMs are 30-year mortgages with fixed rates for the first 5, 7 or 10 years and then switch to variable rates. The two longer loans are for new construction only.
- Rate reduction. ARMs generally start out with lower interest rates than fixed-rate loans. Our 5/1 ARM has an initial rate of 3.990%, with a 4.943% APR.*
- Financial flexibility. An ARM might help you afford a more expensive home and lower your payments during the first few years of home ownership.
- Early departure. Adjustable rate mortgages also are good choices for those who plan to move within 10 years or pay off their loans within that period.
- Bonus benefits. Borrowers can earn rebates by using the HomeAdvantage program offered by our partners at CU Realty.
Flexible Terms Offer Exceptional Value
In life, things change. We struggle early in our careers and make more money later. We start out living one town and then move far away. Adjustable Rate Mortgages (ARMs) are great for people who embrace change. You start out with an interest rate that beats fixed-rate loans – that added buying power could get you the house you really want. Then after five, seven, or 10 years, the rate floats up or down with the economic tides. You’ll have the option of staying the course, refinancing or selling your home. Decisions, decisions. Of course, that doesn’t bother someone like you.
Workers Credit Union provides banking services to greater Chelmsford, Westford, Groton, Townsend, Lunenburg, Lancaster, Leominster, Fitchburg, Orange, Lowell, Worcester, and Athol, MA. Apply for your Adjustable Rate Mortgage online or contact us with any questions.