Adjustable Rate Mortgages

An adjustable rate mortgage (ARM) comes with a lower initial interest rate – for a lower monthly payment – so you may be able to qualify for a larger mortgage than with a traditional fixed rate loan. With an ARM:

• The initial rate is set for a specific number of years, and then adjusts each year based on an “index” for the rest of its term.
  
• An interest rate “cap” helps prevent your mortgage payment from rising significantly if rates go up.
  

As a rule, ARMs can be a good choice if you plan on refinancing the property or possibly moving within the first few years. We offer both Conforming and Jumbo Arms at a variety of terms.

Conforming ARMs

• Borrow from $35,000 to $417,000, if you qualify
  
• Choice of initial fixed rate periods of 1-, 3-, 5-, 7- or 10-years
  
• Take up to 30 years to repay your mortgage
  
• Low down payment of just 5% on owner-occupied, primary residence
  
• Financing for 1- 4-family homes, condos (excluding new construction) and townhouses in New York State*
  

Jumbo ARMS

• Borrow from $417,001 to $1.5 million, if you qualify
  
• Choice of initial fixed rate periods of 3-, 5-, 7- or 10-years
  
• Take up to 30 years to repay your mortgage
  
• Low down payment of just 10% on owner-occupied, primary residence
  
• Financing for 1- 4-family homes, condos (excluding new construction) and townhouses in New York State*
  

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Want to know more? Speak to a representative at any NEFCU branch, or at 516.561.0030 or (800) 99-NEFCU outside the LI/NYC area to hear about the terms and conditions of this loan, subject to credit approval. NEFCU's loan program offerings can change at any time.