Adjustable Rate Mortgages
An Adjustable Rate Mortgage may be a good choice if you:
- Want to maximize your buying power
- Want to keep your payments lower during the first few years of your loan
- Plan to stay move into a different home within the next ten years
- Plan to pay-off your mortgage within a few years
Community First's ARMs also bring you:
- Bi-Weekly payment options that help you save money and pay down your principle faster.
- Local servicing at any Community First location or by phone
3/1 ARM
| Best Choice If:You want to take advantage of a low rate now but believe that you will be moving out of your home or refinancing within five years. | Advantages:Lower interest rates than fixed mortgages. | Disadvantages:Higher rates possible after the three years ends. |
5/1 ARM
| Best Choice If:You want the advantages of a low interest rate and you want your loan serviced by the credit union. | Advantages:This rate won't go up for at least five years. | Disadvantages:Rates can increase after the five years increasing your monthly payment. |
7/1 ARM
| Best Choice If:You really want to lock in a long term rate that is lower than fixed rate mortgages | Advantages:Long time period before rates start to adjust. | Disadvantages:Higher interest rate than available for some other loan options. |
3/1 ARM (Lot/Land)
| Best Choice If:You want the lowest possible interest rate now and have a short-term plan for your home or your mortgage. | Advantages:Lowest interest rate available. Credit Union servicing. | Disadvantages:Rates may rise reducing the amount of money going to pay down the principal and increasing your monthly mortgage payment |
5/1 ARM (Lot/Land)
| Best Choice If:You want the lowest possible interest rate now and have a short-term plan for your home or your mortgage. | Advantages:Lowest interest rate available. Credit Union servicing. | Disadvantages:Rates may rise reducing the amount of money going to pay down the principal and increasing your monthly mortgage payment |
7/1 ARM (Lot/Land)
| Best Choice If:You want the lowest possible interest rate now and have a short-term plan for your home or your mortgage. | Advantages:Lowest interest rate available. Credit Union servicing. | Disadvantages:Rates may rise reducing the amount of money going to pay down the principal and increasing your monthly mortgage payment |
Non Owner Occupied 5/1 ARM
| Best Choice If:Your property does not meet Fannie Mae guidelines due to unique property type or lack of comparable sales. | Advantages:The loan is serviced by Community First Credit Union. Financing available on a property that other financing is not available. | Disadvantages:Higher interest rate than available for some other loan options. |
