*As of October 31, 2018, Signal Financial FCU’s 5/5 ARM rate is 4.125% (4.197% APR). APR= Annual Percentage Rate. Rates are subject to change at any time, and may vary depending on variety of factors including but not limited to loan amount, loan purpose, occupancy, credit score, loan-to value ratio, and property type.
A 5/5 ARM is an adjustable rate mortgage that starts with a low fixed rate for the first five years of the loan, after which the interest rate can be adjusted once every five years. Because it is an adjustable rate loan, your monthly payments can become larger or smaller when the rate is adjusted.
Say you start your 5/5 ARM with an interest rate of 3.25%. If your interest rate cap is 2%, rate can only jump to a maximum of 5.25% when your loan hits its first adjustment period after five years. That comes out to an average interest rate of 4.25% for the first 10 years of this particular 5/5 ARM.
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The 5-Year Adjustable Rate Mortgage (ARM) at Star One Credit Union-starting at 3.125% interest rate and a 3.681% APR 1. The 5/5 arm combines lower initial payments with an extended period between rate and payment changes for greater rate security than traditional a ARM.
Compared to a Fixed Rate home loan, the 5/5 ARM offers a lower APR initially, which can increase your buying power. If you are looking for the lowest rate arm possible, you may want to consider a 5/1 ARM, which typically has a lower APR than the 5/5 ARM. Best Choice If: The loan amount you are looking to finance is under $484,351.
Get the Flexibility You Need with our 5/5 Adjustable Rate Mortgage. Our 5/5 ARM adjusts every five years, instead of annually like many others. This is a great option for many homebuyers, helping to reduce monthly payments and potentially cut long-term costs.
5/5 Adjustable Rate Mortgage (ARM) from PenFed. For home purchases or refinancing on loan amounts up to $453,100. The rate adjusts only once every five years.