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Adjustable rate mortgages

Looking for a mortgage loan at the lowest possible rate? Apply for one of our Adjustable Rate Mortgage (ARM) loans. We offer 1, 3, 5 and 7 year terms which means your interest rate is fixed for the specified initial period, with the rate adjusting annually after that. The lower initial rate is also unique because you may qualify for more and lower your monthly payment. A 5% down payment is all you’ll need to help get the keys to your new castle!

Benefits

  • 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 penalties
  • No negative amortization

*Annual Percentage Rate


Current Rates
Adjustable Rate Mortgages
TermRates as low asPointsAPR* as low as
1/15.000%0.00%7.440%
3/15.750%0.00%7.246%
5/15.875%0.00%7.019%
7/16.000%0.00%6.866%
  

Example: A loan amount of $150,000 at 5.875% for the first five years (initial rate period) would have a monthly payment of $887.31. The payment adjusts annually thereafter based on current market rates.

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© 2002 Michigan Schools and Government Credit Union • All rights reserved
40400 Garfield Road • Clinton Township, MI 48038 • 586.263.8800

Routing number: 272480173

Any Questions? Please contact us or email us at service@msgcu.org

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Your savings federally insured by NCUA to at least $250,000 and backed by the full faith and credit of the United States Government. We do business in accordance with the Federal Fair Housing Law and Equal Credit Opportunity Act.