Adjustable Rate Mortgage
What is an ARM Loan?
An Adjustable Rate Mortgage (ARM) is a loan with a monthly rate that can adjust (can go up or down) as the interest rate fluctuates. There are different types of adjustable rate mortgages or ARMs - for example: 3/1, 7/1 or 10/1, and 5/5 to name a few. Initially, most ARMs have a fixed interest rate with variable terms.
What is a 5/5 ARM?
- The first “5” in a 5/5 ARM means that members will have a fixed rate on their loan for 5 years.
- The second “5” in a 5/5 ARM means that the loan rate will adjust only once every 5 years.
Firstmark Credit Union
NMLS#643550
855-202-7538
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New house. Lower mortgage payment. It’s within your reach with an ARM loan.
A 5/5 Adjustable Rate Mortgage (ARM) offers solutions to lower your current mortgage payment or purchase a new home. Firstmark members can get a new loan product with a fixed interest rate.
What to expect with an ARM loan
- Lower initial interest rate and monthly payment
- Save money in the early years
- Rate adjusts only once every 5 years for the life of the loan
- Aggressively pay down your mortgage
Is an ARM loan right for you?
- You don’t anticipate holding on to the property for the full term of the mortgage
- You may be relocating
- You may be buying up for a growing family
- You may be buying down because you’re an empty nester
Calculate Your Payment
Use this calculator to compute the payment amount1 by adjusting the amount, rate and terms.
Services provided via partnership with TruHome Solutions, LLC (NMLS #284608) and are subject to credit and property approval. Other restrictions and conditions may apply. Programs and guidelines are subject to change without notice. Rates are subject to change daily. TruHome Solutions, LLC located at 6330 Sprint Parkway, Suite 200, Overland Park, KS 66211. See: www.nmlsconsumeraccess.org.
The information provided by these calculators is for illustrative purposes only. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results. The calculated results are intended for illustrative purposes only and accuracy is not guaranteed.
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