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.
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!
***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.
***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 May 30, 2025 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.
* Adjustable Rate Mortgages (ARM): rates may be subject to increase after consummation.
An Adjustable Rate Mortgage (ARM) has a lower interest rate at the beginning of the mortgage, which changes over time based on an index. There are many types of adjustable rate mortgages and the terms of the payment change are based on the specifics of the adjustable rate mortgage product you select.
• 3/1 and 5/1 ARM terms available.
• 3/1 ARM- Your interest rate under this ARM can change after 36 months and every 12 months thereafter. Your interest rate cannot increase or decrease more than 2 percentage points at first adjustment and 2 percentage points per subsequent adjustment from the initial interest rate excluding any buydown. Your interest rate will never be greater than 5 percentage points above the initial interest rate or lower than 2.75%.
• 5/1 ARM- Your interest rate under this ARM can change after 60 months and every 12 months thereafter. Your interest rate cannot increase or decrease more than 5 percentage points at first adjustment and 2 percentage points per subsequent adjustment from the initial interest rate excluding any buydown. Your interest rate will never be greater than 5 percentage points above the initial interest rate or lower than 2.75%.
Adjustable Rate Mortgage Disclosure: www.memberspluscu.org/adjustable-rate-mortgage-loan-disclosure/
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