Adjustable Rate Mortgage

One way to benefit from a lower rate right now is the Adjustable Rate Mortgage (ARM) loan, also referred to as variable rate mortgage, which features an interest rate that is indexed to a published rate plus a margin.  The rate will remain fixed for a set period of time and will adjust accordingly.

We offer a wide range of adjustable rate mortgage products to suit your individual home loan needs.

Check out our rates.

Our adjustable rate mortgage loans:

3/1 year ARM – the rate is fixed for the first three years and is adjusted every 12 months thereafter
5/1 year ARM – the rate is fixed for the first five years and is adjusted every 12 months thereafter

Advantages of an Adjustable Rate Mortgage:

  • Feature lower rates and payments early on in the loan term which equate to lower payments for qualifying buyers.
  • If rates fall an ARM allows borrowers to take advantage of falling rates without refinancing – no refinancing costs.
  • Help borrowers save and invest money in a high-interest accounts – someone who is paying $150 less with an ARM can take that money and save it in a higher-yielding investment.
  • Offer an inexpensive alternative for borrowers who don’t plan on living in one place for very long to buy a house

After the initial period, the rate is adjusted periodically, but your rate will never exceed a predetermined interest rate cap at each adjustment as well as a lifetime interest rate cap.

Property must be located within a 100-mile radius of the Members Plus Credit Union’s main office located in Medford, MA.

Still have questions? Please call 781-905-1500 and ask to speak to someone within Mortgage Lending and a Lending Associate will get back to you within the next 24 hours. Or start your application online today!

Mortgages

Name Rate Points APR** Cost Per Thousand***
30 Year Fixed Call Real Estate Lending Department 0 Call Real Estate Lending Department
15 Year Fixed Call Real Estate Lending Department 0 Call Real Estate Lending Department
10 Year Fixed Call Real Estate Lending Department 0 Call Real Estate Lending Department
3/1 Year Adjustable 6.375% 0 7.584% $6.24
5/1 Adjustable 6.500% 0 7.418% $6.32
***APR=Annual Percentage Rate. Please note that the interest rate and fees shown here are available to members with an excellent credit history. The actual interest rate and fees available will be based on credit history, property type and loan transaction type, and may be different than the rates displayed here. **New Autos 2025 and 2024 with less than 7500 miles. ***Pre-Owned Autos 2011-2024 with greater than 7500 miles. VSI Insurance is required on all Auto Loans. Minimum Payment Requirements on all auto loans: $25.00 weekly, $50.00 biweekly and $100.00 monthly. A 7 year term may be granted for new or used auto loans in excess of $30,000.00.
***APR = Annual Percentage Rate.  APRs are based upon member’s credit score. Rates listed above reflect strong credit worthiness. Payments listed above do not reflect life and disability insurance. Rates and APRs effective October 3, 2024 and are subject to change without notice.
*** Rates and APRs effective May 24, 2024 and are subject to change without notice. Rates, APR, payments, and fees are based on 25% down payment and excellent credit history. Your actual interest rate, APR, payment, and fees may be different than what is displayed here and will be based on several factors, including but not limited to: your credit history, property type, and transaction type. All mortgages and home equity loans require property insurance. All mortgages and home equity loans require property insurance.

Questions about MembersPlus? View our Frequently Asked Questions or get in touch:

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