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Adjustable Rate Mortgages


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.  A first mortgage is defined as a loan to finance the purchase/refinance of real estate. Payments are calculated on a 30-year amortization period. Our adjustable rate loans allow up to 90% LTV without requiring 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 (private mortgage insurance). 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

Loan Application Checklist:

  • 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

You can save $300 on closing costs if you 1) sign up for direct deposit with your checking account  OR 2) you have additional loan balance(s) of $5000 or higher with us.

Adjustable Rate Mortgages
Effective Date: May 1, 2017
3 Year 2.990%
5 Year 3.500%
7 Year 3.875%
*APR = Annual Percentage Rate. Rate is “as low as” and may change based on credit history, collateral, term, and other determining factors. NMLS#411386


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