ARM Loans
Two-Year Adjustable-Rate Mortgage
- Lower initial interest rate and payment than a fixed rate mortgage
- No Personal Mortgage Insurance (PMI) assessed, which further lowers payment
- Maximum term of 30 years
- Maximum interest rate adjustment of one percent every two years or eight percent over the life of the loan
Five-Year Adjustable-Rate Mortgage
- Maximum term of 20 years
- Maximum interest rate adjustment of one percent every two years or eight percent over the life of the loan
- Financing up to $400,000
- Up to 100% LTV
- Rate subject to change every five years
- Maximum interest rate adjustment of 1.5 percent every five years or 4.5 percent over the life of the loan
The initial interest rate for our ARM loans is set by the LGFCU Board of Directors and is subject to change daily. Members may incur costs or fees during the mortgage loan process such as:
- Origination fee
- Attorney fees
- Appraisal fees
- Recording fees
- Title insurance
- Survey (typically not required)
- Pest inspection (typically not required)
- At the time of application, a Credit Union loan officer will provide a "good faith estimate" of all settlement costs involved with the mortgage process.
