![]() SECU ARM rates can increase or decrease a maximum of 2% every 60 months up to 6% over your initial interest rate during the life of the loan.Ĭontact your local branch for additional information. This is a variable rate loan, and the interest rate can increase over the life of the loan. Future interest rates and payments determined based on adding a margin of 2.50% to the future index (5-Year Constant Maturity Treasury Yield rounded up to the next highest one-eighth of one percentage point) at the time of the future index. ![]() Your actual monthly payment will be greater.įuture interest rates are subject to change, so the interest rates for months 61 through the end of loan term are estimated by adding the margin to the current index rate. Taxes and insurance are not included in the estimated monthly payment amount. The rate may not change by more than 2% every five years or 6% over your initial interest rate during the life of the loan. Learn more about the SECU Fast Mortgage ® service »īecause the interest rate may only be adjusted every five years, this product offers additional protection against rising rates 1. These funds are placed in an escrow account until the tax and insurance premium payments are due and earn dividends equal to the share account rate. Funds are collected with each payment, in addition to your principal and interest payment, to allow for the disbursement of the estimated annual tax and insurance premiums that will be due. ![]() ![]() The maximum loan amount depends on many factors including the purpose of the loan, the type of loan, and occupancy status. The Credit Union offers 5-Year Adjustable Rate Mortgage (ARM) products to purchase or refinance primary residences, second homes, and investment properties located in North Carolina, South Carolina, Virginia, Georgia and Tennessee unless further restricted as outlined below. ![]()
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