5/6 Adjustable-Rate Mortgage
A flexible loan option so you can keep your options open.
Lower Rates Now + Adjusted Payments Later
The 5/6 Adjustable-Rate Mortgage is a financing option that offers a low fixed interest rate for the initial 5 years of the loan and then adjusts every 6 months for the remainder of the term. The flexible structure of this loan allows homeowners and potential homeowners the opportunity to take advantage of lower rates compared to a standard fixed rate loan early on in the loan term, and is a great option for homeowners who are planning to sell or refinance their home within a few years.
Why choose an adjustable-rate mortgage?
With an ARM, you have the option of financing a new home with lower initial monthly payments with a traditional fixed rate mortgage.
An Adjustable-Rate Mortgage might be right for you if...
- You expect your income to increase.
- Anticipate needing to sell or plan to refinance in the near future.
- It can also work well for those looking to refinance their current loan.
What to expect after you apply:
We want you to feel prepared as you navigate this application process. Download this checklist to learn about what you'll need to have on-hand once you've hit "submit".
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5 year fixed-rate.
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30-year total term.
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Minimum loan amount $25,000.
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Maximum loan amount varies.
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No pre-payment penalties.
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After initial 5 year period, conversion option available.
5/6 ARM Payment Example: 6.625% Annual Percentage Rate (APR) fixed for the first 60 months (5 years) of a 360 month term (30 years) calculates to a payment of $1,280.62 based on a loan amount of $200,000. After the fixed period of the first 60 months (5 years), the rate can increase/decrease no more than 1% every 6 months (no more than 2% per year) for the remainder of the term (300 months or 25 years). Payment example excludes taxes and insurance.
Book an appointment and skip the line!
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Ready to get started?
Take advantage of a mortgage loan option with lower initial payments and begin your application, today.
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1If you're not currently a member, review eligibility.
Anyone who lives, works, worships or attends school in certain select counties may join. View our "Become a Member" page for full eligibility.
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2Make sure you have everything you need.
Download our "next steps" checklist and review the required materials.
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3Complete loan application.
When you're ready, complete the online application or visit your local branch to apply in person.
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
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