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Adjustable Rate Mortgage

What is an ARM Loan?

An Adjustable-Rate Mortgage (ARM) is a loan with a monthly rate that can adjust (go up or down) as the interest rate fluctuates. There are different types of adjustable rate mortgages or – for example: 3/1, 7/1 10/1, or 5/5 to name a few. Initially, most ARMs have a fixed interest rate with variable terms.

What is a 5/5 ARM?
  • The first “5” in a 5/5 ARM means that members will have a fixed rate on their loan for five (5) years.
  • The second “5” in a 5/5 ARM means that the loan rate will adjust only once every five (5) years.
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Firstmark Credit Union

NMLS#643550
855-202-7538

New house. Lower mortgage payment. It’s within your reach with an ARM loan!

A 5/5 Adjustable-Rate Mortgage (ARM) offers solutions to lower your current mortgage payment or purchase a new home. Firstmark members can get a new loan product with a fixed interest rate.

What to expect with an ARM loan
  • Lower initial interest rate and monthly payment
  • Save money in the early years
  • Rate adjusts only once every five (5) years for the life of the loan
  • Aggressively pay down your mortgage
Is an ARM loan right for you?
  • You anticipate interest rates may decrease in the near future
  • You plan to sell the property before the full term of the mortgage
  • You anticipate relocating
  • You may be buying for a growing family or downsizing as an empty nester

Calculate Your Payment

Use this calculator to compute the payment amount1 by adjusting the amount, rate, and terms.

per month

*Services provided via partnership with TruHome Solutions, LLC (NMLS #284608) and are subject to credit and property approval. Other restrictions and conditions may apply. Programs and guidelines are subject to change without notice. Rates are subject to change daily. TruHome Solutions, LLC located at 6330 Sprint Parkway, Suite 200, Overland Park, KS 66211. See: www.nmlsconsumeraccess.org.

  1. The information provided by these calculators is for illustrative purposes only. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results. The calculated results are intended for illustrative purposes only and accuracy is not guaranteed.

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Needed Items

To make this process as quick as possible, please have the following ready for yourself and any joint account holders on the account, including beneficiaries:

  • Social Security Number
  • Date of Birth
  • Current Address
  • Phone Number
  • Email Address
  • Valid ID
  • Initial Deposit Amount (ACH or Credit Card)

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Needed Items
To make this process as quick as possible, please have the following ready for yourself and any joint account holders on the account, including beneficiary’s:

  • Social Security Number
  • Date of Birth
  • Current Address
  • Phone Number
  • Email Address
  • Valid ID
  • Requested Loan Amount
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