Flexible finance options for your new home

Flexibility has never been easier! FreeStar Financial Credit Union offers a wide variety of terms: 3-, 5-, 7-year terms. An adjustable rate mortgage allows you the flexibility to save money if you don't plan to keep the home long. We're different from other mortgage lenders in that our ARMs refinance at the 3, 5 or 7 year marks, not 1 year after the initial term. Check it out!

If you're considering a home purchase, but not sure how long you will be in your home, then an adjustable rate mortgage may be a great option for you. Your mortgage payments are calculated on a 30-year amortization period. Our adjustable rate loans allow up to 90% loan-to-value without requiring Private Mortgage Insurance (PMI).

Low, adjustable rates are based upon the term of mortgage selected and the credit history of the borrower. You can borrow up to 90 percent (loan to value); this product does not require PMI. Rate adjustments vary depending on the ARM selected:

  • 3 year ARM adjusts every 3 years
  • 5 year ARM adjusts every 5 years
  • 7 year ARM adjusts every 7 years

Adjustable Rate Mortgages
Effective Date: December 1, 2018
TypeAPR* As Low As
3 Year 4.625%
5 Year 4.625%
7 Year 4.750%
*APR = Annual Percentage Rate. Rate is “as low as” and may change based on credit history, collateral, term, and other determining factors. NMLS#411386
A 3-year ARM with an APR (annual percentage rate) as low as 4.000% for $100,000 (20% down/80% LTV) would have a monthly payment of $477.42.
 

Adjustable Rate Mortgages
Effective Date: December 1, 2018
TypeAPR* As Low As
3 Year 4.625%
5 Year 4.625%
7 Year 4.750%
*APR = Annual Percentage Rate. Rate is “as low as” and may change based on credit history, collateral, term, and other determining factors. NMLS#411386
A 3-year ARM with an APR (annual percentage rate) as low as 4.000% for $100,000 (20% down/80% LTV) would have a monthly payment of $477.42.

Completed mortgage application 

Two most recent pay stubs for each borrower

Last two year’s W2s or tax returns if self-employed

Two most recent bank statements verifying assets (when required)

Homeowner’s Insurance Policy

Fully executed purchase agreement with all addendums (purchases only)

Statements for all mortgages to be paid off

Statements for all items (credit cards, etc.) to be paid off when refinancing

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