Home Loans

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

Home Equity Line of Credit (HELOC)

Terms:

• Minimum credit line of $25,000 and maximum of $250,000
• 20-year term with 5-year draw and 15-year payback
• Adjustable rate based on prime
• 75% LTV on houses, condos, and co-ops
• Lifetime rate cap of 18%
• Rates subject to change without notice
• ActorsFCU Savings (Share) Account required

Adjustable Rate Mortgages (ARMs)

Home Equity Line of Credit (HELOC)