As mortgage rates rise, it’s essential to explore all your options to secure the best possible rate for your home loan. At People Driven Credit Union (PDCU), we offer Adjustable Rate Mortgages (ARM) loans with lower initial interest rates, helping you save money upfront.
Why Choose an ARM Loan?
An ARM loan offers several advantages that can make homeownership more affordable, especially in the early years of your mortgage. Here’s why a 5/6 or 10/6 ARM loan from PDCU might be the perfect fit for you:
- Lower Initial Interest Rate: With a 7/1 or 10/10 ARM, you lock in a lower interest rate for the first seven or 10 years, respectively. This means lower monthly payments than a fixed-rate mortgage, allowing you to save money upfront.
- No Prepayment Penalty: If you decide to refinance your mortgage in the future, you won’t face any prepayment penalties. This flexibility can be a significant advantage if rates drop or your financial situation changes.
- Easy Online Application: Applying for an ARM loan with PDCU is straightforward and convenient. Our online application process is designed to be quick and user-friendly so you can get started on your path to savings without any hassle. Apply online.
How Does It Work?
- 7/1 ARM: Your interest rate is fixed for the first seven years. After this period, the rate adjusts every year based on market conditions.
- 10/10 ARM: Your interest rate is fixed for the first ten years. After this period, the rate adjusts every ten years based on market conditions.
Important Considerations
- Rate Changes: Your interest rate may vary after the initial fixed-rate period, potentially increasing your monthly payment.
- Refinancing: Refinancing your mortgage may lead to higher total finance charges over the loan’s life. However, the lack of prepayment penalties provides flexibility to refinance when it makes financial sense.
Eligibility
Our ARM loans are available for both purchase and refinance applications for primary residences using conventional 7/1 or 10/10 ARM loan products. All lending products are subject to credit and property approval, and additional restrictions may apply.
Contact Us
Meet Our Mortgage Loan Officer
Michelle Dzon is authorized to act as an agent on behalf of People Driven Credit Union. Contact her for personalized assistance with your mortgage needs.
Michelle Dzon
Member First Mortgage, LLC (MFM)michelle.dzon@memberfirstmortgage.com
Connect with Michelle
616-301-1714 | NMLS ID: #401292 | People Driven Credit Union NMLS ID: #776727
To learn more about Adjustable Rate Mortgages from PDCU, visit https://www.peopledrivencu.org/loans/home-loans/adjustable-rate-mortgage/.
Disclosures
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Equal Housing Lender. Member First Mortgage, LLC (MFM) NMLS ID# 149532. All loans are subject to credit approval. Terms and conditions apply. Mortgage insurance may be required based on borrower qualifications. Program availability is subject to change without notice. |
*Rates may vary, and payment may increase after consummation.
*Available on all purchase or refinance applications for a primary residence using a conventional 7/1 or 10/10 ARM loan product with People Driven Credit Union. This is not a commitment to lend. All lending products are subject to credit and property approval. Additional restrictions may apply. Refinancing an existing mortgage loan may result in higher total finance charges over the life of the loan. Rate may increase after consummation.
Ready to Take the Next Step on Your Mortgage?
A PDCU ARM loan could lower your monthly payment for the first seven or ten years with no prepayment penalty if you decide to refinance. Here is how to move forward.
Adjustable Rate Mortgages Application
Start your ARM loan application online through Member First Mortgage. Available for purchase and refinance on primary residences using a conventional 7/1 or 10/10 ARM product. All loans subject to credit and property approval.
Compare All Mortgage Options
Not sure if an ARM or a fixed rate mortgage is right for you? PDCU offers both. Compare your options side by side and use our mortgage calculator to estimate your monthly payment before you apply.
Talk to Michelle Dzon
Michelle Dzon is PDCU’s mortgage loan officer at Member First Mortgage and is ready to walk you through your options personally. Call her at 616-301-1714 or email michelle.dzon@memberfirstmortgage.com.
All mortgage loans subject to credit and property approval. Rate may increase after the initial fixed-rate period. Refinancing an existing mortgage may result in higher total finance charges over the life of the loan. Member First Mortgage, LLC NMLS ID# 149532. Michelle Dzon NMLS ID# 401292. People Driven Credit Union NMLS #776727. Equal Housing Lender. Federally insured by the NCUA. Adjustable Rate Mortgages
