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.
Ask about our 0.25% discount for qualified members.
| Term | Starter Rate |
|---|---|
| 1/1 ARM | 2.50% |
| 1/1 Jumbo ARM | 3.00% |
| 3/1 ARM | 2.75% |
| 3/1 Jumbo ARM | 3.25% |
| 5/1 ARM | 2.95% |
| 5/1 Jumbo ARM | 3.45% |
| 7/1 ARM | 4.95% |
| 7/1 Jumbo ARM | 5.45% |
| As of 09/01/2011 | |
*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 |
|---|---|
| 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).
