Mortgages
Adjustable Rate Mortgages (ARMs)
Adjustable Rate Mortgages are available as 1/1 ARMs, 3/1 ARMs, 5/1 ARMs, or 7/1 ARMs. Minimum loan amount of $35,000 and maximum loan amount of $750,000, with financing up to 80%. Thirty-year term for primary residences and fifteen-year term for second homes.
Mortgage rates as low as;
Term
Starter Rate
1/1 ARM
2.25% APR
1/1 Jumbo ARM
2.75% APR
3/1 ARM
2.50% APR
3/1 Jumbo ARM
3.00% APR
5/1 ARM
2.70% APR
5/1 Jumbo ARM
3.20% APR
7/1 ARM
4.70% APR
7/1 Jumbo ARM
5.20% APR
As of 01/25/2013
*Rates and terms are subject to change. Please verify current fees and rates.
1/1 ARM
- Interest rate fixed for first year
- Lifetime cap is your starter rate + 6%
- Annual cap of 2%
- Check rate chart for current starter rate
- Contact Lending Services Department for mortgage terms and pre-qualification at (212) 869-8926 (option 4)
- ActorsFCU Savings (Share) Account required
Annual rate adjustment:
Regular ARM: lower of either ActorsFCU’s 2% annual cap or by adding our margin of 2.5% to the one-year CMT (Constant Maturity Treasury)
Jumbo ARM: lower of either ActorsFCU’s 2% annual cap or by adding our margin of 2.75% to the one-year CMT (Constant Maturity Treasury)
3/1 ARM
- Interest rate fixed for first three years
- Lifetime cap is your starter rate + 6%
- 3% cap on first annual adjustment; thereafter, 2% cap per year
- Check rate chart for current starter rate
- Contact Lending Services Department for mortgage terms and pre-qualification at (212) 869-8926 (option 4)
- ActorsFCU Savings (Share) Account required
Annual rate adjustment:
Regular ARM: lower of either ActorsFCU’s 2% annual cap or by adding our margin of 2.5% to the one-year CMT (Constant Maturity Treasury)
Jumbo ARM: lower of either ActorsFCU’s 2% annual cap or by adding our margin of 2.75% to the one-year CMT (Constant Maturity Treasury)
5/1 ARM
- Interest rate fixed for first five years
- Lifetime cap is your starter rate + 6%
- 3% cap on first annual adjustment; thereafter, 2% cap per year
- Check rate chart for current starter rate
- Contact Lending Services Department for mortgage terms and pre-qualification at (212) 869-8926 (option 4)
- ActorsFCU Savings (Share) Account required
Annual rate adjustment:
Regular ARM: lower of either ActorsFCU’s 2% annual cap or by adding our margin of 2.5% to the one-year CMT (Constant Maturity Treasury)
Jumbo ARM: lower of either ActorsFCU’s 2% annual cap or by adding our margin of 2.75% to the one-year CMT (Constant Maturity Treasury)
7/1 ARM
- Interest rate fixed for first seven years
- Lifetime cap is your starter rate + 6%
- 3% cap on first annual adjustment; thereafter, 2% cap per year
- Check rate chart for current starter rate
- Contact Lending Services Department for mortgage terms and pre-qualification at (212) 869-8926 (option 4)
- ActorsFCU Savings (Share) Account required
Annual rate adjustment:
Regular ARM: lower of either ActorsFCU’s 2% annual cap or by adding our margin of 2.5% to the one-year CMT (Constant Maturity Treasury)
Jumbo ARM: lower of either ActorsFCU’s 2% annual cap or by adding our margin of 2.75% to the one-year CMT (Constant Maturity Treasury)
Settlement Costs Booklet
Consumer Handbook on ARM Mortgages
Home Equity Line of Credit
| Term | Rate (APR) |
|---|---|
| Adjustable based on the Prime Rate | |
| As of 9/25/2008 | |
Terms:
- Minimum credit line of $10,000 and maximum of $250,000
- Twenty-year term with five-year draw and fifteen-year payback
- Adjustable based on prime
- 75% LTV on houses, condos, and co-ops
- Lifetime rate cap of 18%
- ActorsFCU Savings (Share) Account is required
Rates subject to change without notice.
Home Equity Line of Credit Terms & Applications are given by contacting the Lending Services Department at 212.869.8926, option 4.
