The 5/5 ARM can be used to purchase or to refinance your home with a lower initial monthly payment. It is also available in Jumbo loans up to $1 million dollars
• Pay $0 Closing Costs
• Lower initial monthly payments
• Perfect for those who will be in their homes for a limited time and want flexible mortgage options
• Good choice for those expecting solid growth in household income
• Offer low rates that only adjust after the initial five years of the loan
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Estimated payment examples do not include property tax, insurance, or HOA fees, so your actual payment will be higher. Rates are not automatically locked in at time of application. Loan rate locks can be requested in writing after your loan has been pre-approved by CBC FCU. Other restrictions may apply. Call for details.
1 LIBOR Adjustable Rate Mortgage (ARM): The estimated payment is based on an owner-occupied 30 year, 5 or 7 year ARM at 80% loan-to-value (LTV). After the initial 5 years, the rate may adjust annually by no more than 5%. The maximum lifetime adjustment is 5%. Maximum 95% LTV on conforming and high balance purchases and 95% LTV on refinances. No Closing Cost offer is available for purchases and external refinances on the 5/1 ARM excluding Jumbo 5/1 ARM. For more information click here.
2 CMT Adjustable Rate Mortgage (ARM): The estimated payment is based on an owner-occupied 30 year, 5 year ARM at 80% LTV. After the initial 5 years, the rate may adjust every 5 years by no more than 5%. • The maximum lifetime cap is 5%. Maximum 95% LTV on conforming and high balance purchases and 95% LTV on refinances.
Call for non-owner-occupied rates and fees.