Adjustable Rate Mortgages (ARM)

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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. The maximum loan amount depends on many factors including the purpose of the loan, the type of loan, and occupancy status. 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. 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.

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5-Year Adjustable Rate Mortgage

Because the interest rate may only be adjusted every five years, this product offers additional protection against rising rates1. 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.

80% or less loan-to-value 5-Year adjustable rate mortgage calculation form
$

Current Interest Rate: %
Fully Indexed Interest Rate: %


80.1% - 90% loan-to-value 5-Year adjustable rate mortgage calculation form
$

Current Interest Rate: %
Fully Indexed Interest Rate: %


Taxes and insurance are not included in the estimated monthly payment amount. Your actual monthly payment will be greater.
90.1% - 100% loan-to-value 5-Year adjustable rate mortgage calculation form
$

Current Interest Rate: %
Fully Indexed Interest Rate: %


Taxes and insurance are not included in the estimated monthly payment amount. Your actual monthly payment will be greater.
*Expand for additional information specific to this program and to calculate payment and APR2.

  • Maximum term of 30 years
  • Origination fee 1.00% of loan amount (cap of $2,500)
  • No application fees or credit report fees
  • Private mortgage insurance is not required
  • For purchases, maximum financing and loan-to-value financing tier determined based on the lesser of the sales price or appraised value. Member is responsible for appraisal costs.
  • 90.1% - 100% financing3 available for purchases and no cash-out refinances of single-family primary residences. Cash out is defined as any funds that exceed the balance owed on the first or second mortgages being paid off, plus closing costs.
  • Up to 90% financing available for purchases and refinances of primary residences
  • Up to 90% financing available for purchases and refinances of a second home.
  • Up to 80% financing available for the purchase of an investment property or for a no cash-out refinance of an investment property; further limited to 65% loan-to-value for cash-out refinances.
  • Each member may finance up to six properties with the Credit Union, but only one may be financed at greater than 90% LTV
  • Manufactured Homes can typically serve as collateral but must be the primary residence of the borrower (See Special Mortgage Programs for additional details)
  • Initial Rates subject to change daily
1 Future interest rate changes will be determined based on the five-year Constant Maturity Treasury (CMT) yield
2 APR = Annual Percentage Rate. APR is your cost over the loan term expressed as a rate. Stated APR based on a purchase transaction with a loan amount of $150,000 for a maximum term allowed for each loan program. Please use the calculator to calculate monthly payment and APR for different loan options.
3 Greater than 90% loan-to-value limited to maximum financing of $500,000