An Adjustable-Rate Mortgage (ARM) can help to reduce monthly payments and in some cases cut long-term costs.
This mortgage may be a good option for you, if you:
- Don't plan to stay in your home or keep the mortgage for more than seven years.
- Are looking for a lower initial interest rate loan. ARMs usually have a lower initial interest rate than a traditional fixed-rate mortgage.
Types of Adjustable Rate Mortgages
- 7/1 Adjustable-Rate Mortgage
- 15/1 Adjustable-Rate Mortgage
Repayment terms of 30 years
How It Works
- For a 7/1 Adjustable-Rate Mortgage, the rate is fixed for the first 7 years and then adjusts annually for the rest of the 30 year term.
- For a 15/1 Adjustable-Rate Mortgage, the rate is fixed for the first 15 years and then adjusts annually for the rest of the 30 year term.
*NO CLOSING COST MORTGAGES
No Closing Cost Loans require a 3-year recapture period, Transformation Checking with Direct Deposit, and Autopay.
HOME MORTGAGE DISCLOSURE ACT NOTICE
The HMDA data about our residential mortgage lending are available online for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, age and income of applicants and borrowers; and information about loan approvals and denials. HMDA data for many other financial institutions are also available online. For more information, visit the Consumer Financial Protection Bureau's Web site (www.consumerfinance.gov/hmda).
BORROWER COMPLAINTS AND INQUIRIES
CFCU is registered with the New York State Superintendent of Financial Services. You may file complaints and obtain further information about CFCU by contacting the New York State Department of Financial Services Consumer Assistance Unit at 1-800-342-3736 or at www.dfs.ny.gov.