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 Posted:  12/23/2013 15:09

Adjustable Rate Mortgages

Adjustable Rate MortgagesSave money and lower your monthly payments with PLCU’s Adjustable Rate Mortgage (ARM) programs, making the dream of home ownership even more affordable.

Adjustable rates offer many advantages over the traditional fixed rate mortgage. PLCU’s ARMs are fixed for a set period of years depending upon the specific program, and can adjust up or down depending upon market conditions. For example, our 5/5 ARM is fixed for the first five years and then adjusts only once every five years throughout the term of the mortgage. ARMs offer lower interest rates in the beginning than fixed rates and contain “caps” that limit the extent of any adjustment. Most of our ARM products have caps of 2% and 5%, meaning that your interest rate would never increase more than 2% up or down with each adjustment, or 5% over the lifetime of the loan.

ARMs are a great alternative if you:

  • Want to save money with lower payments at the outset
  • Consider your home a starter home
  • Are considering moving after a few years
  • Anticipate refinancing your mortgage in the future
  • Simply don’t want to be tied to a fixed rate that could be disadvantageous in a decreasing interest rate environment
  • Need a “jumbo” mortgage loan
PLCU offers the following ARM products:
  • 7/1 ARM (caps of 2% / 5%)
  • 5/5 ARM (caps of 2% / 5%)
  • 5/1 ARM (caps of 2% / 5%)
  • 3/1 ARM (caps of 2% / 5%)
  • 1/1 ARM (caps of 1% / 6%)
Click here to view PLCU’s competitively prices ARM interest rates. Interest rates vary based on market conditions and are subject to change without notice.

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