Adjustable-Rate Mortgage
Looking for a short-term mortgage, but want the flexibility to keep the loan longer, if necessary? Then an Adjustable-Rate Mortgage (ARM) may be right for you.
We offer 1-, 3-, 5-, and 7-year ARMs with payments amortized for 15 or 30 years. ARMs have a lower interest rate for the specified initial period, and the rate adjusts annually after that. ARM loans can also help you qualify for more without increasing your payment too much.
- Competitive lower initial rate
- Less risk to borrowers who want interest rate protection with a competitive rate
- Longer initial fixed-rate periods protect against rapid interest rate increases
- Great loan for borrowers who are looking for short-term financing
- No prepayment penalty
- No negative amortization
Setting your financial future right begins with a mortgage from Michigan Schools and Government Credit Union.
| Adjustable-Rate Mortgage | |||
| Term | Rates as low as | Points | APR* |
| 1/1 | 3.000% | 0.25% | 7.017% |
| 3/1 | 3.500% | 0.25% | 6.505% |
| 5/1 | 4.125% | 0.25% | 6.257% |
| 7/1 | 4.500% | 0.25% | 6.128% |
| Example: A loan amount of $150,000 at 4.125% for the first five years would have a monthly payment of $726.97. The payment adjusts annually thereafter based on current market rates. | |||
| *APR = Annual Percentage Rate | |||
