Adjustable Rate Mortgages (ARMs)
- Available as 1/1 ARM, 3/1 ARM, 5/1ARM, or 7/1 ARM
- Financing for co-ops, condos, and one- to four-family homes
- Minimum loan amount of $35,000
- Maximum loan amount of $750,000
- Financing up to 80%
- 30-year term for primary residences; 15-year term for second homes
- ActorsFCU Savings (Share) Account required
1/1 ARM
- Interest rate fixed for first year
- Lifetime cap is your starter rate + 6%
- Annual cap of 1%
- Check rate chart for current starter rate
- ActorsFCU Savings (Share) Account required
3/1 ARM, 5/1 ARM, 7/1 ARM
- Interest rate fixed for first 3 years, 5 years, or 7 years, respectively
- Lifetime cap is your starter rate + 6%
- Annual cap of 1%
- Check rate chart for current starter rate
- ActorsFCU Savings (Share) Account required
Annual rate adjustment:
Regular ARM: lower of either ActorsFCU’s 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 annual cap or by adding our margin of 2.75% to the one-year CMT (Constant Maturity Treasury)
Benefits of ActorsFCU ARMs
- Lower starter rates make it easier to start paying down the mortgage
- Additional payments reduce the principal, which reduces the amount of interest paid over time and may reduce future payments
- If rates go down, ARMs are adjusted down. Fixed-rate mortgages are locked even if the average rates on mortgages drop
- No prepayment penalty fees
Contact Lending Services Department for questions about mortgage terms and pre-qualification at 212.869.8926, Option 4
Pre-Approval applications and supporting documents should be emailed to: Mortgages@ActorsFCU.com
Pre-Approval applications and supporting documents should be emailed to: Mortgages@ActorsFCU.com