Mark Your Next Milestone With the Right Mortgage for the Job

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Learn how you could save with an Adjustable-Rate Mortgage

Looking for a mortgage option that will also help you save a little extra cash? An Adjustable-Rate Mortgage (ARM) is the solution you’ve been searching for! With rising rates, it might seem like you’ll need to wait before you can start making moves toward your next milestone of owning your own home, but with an Adjustable-Rate Mortgage, you can turn someday into today.

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Adjustable-Rate Mortgages offer a variety of advantages that Fixed-Rate Mortgages don't offer, such as:

  • You’ll start with a lower interest rate, which will fluctuate with the market every five years for the remainder of your loan term.
  • As your interest rate adjusts, this will affect your monthly payments, potentially saving you money.
  • And more!
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SEE THE DIFFERENCE FOR YOURSELF

mortgage comparison chart

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DominionEnergyCU.org | 800-268-6928

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P.O. Box 26646 | Richmond, VA 23219

*Adjustable-Rate Mortgages are variable, and your Annual Percentage Rate (APR) may increase after the original fixed interest-rate period of five years. Rate adjustments will be no more than 2% every five years with a maximum of 5% over the life of the loan. This estimate is based on a mortgage loan secured by a single family home that will be used as a primary residence. Other assumptions include: a loan amount of $260,000, an estimated property value of $325,000, and an assumed credit score of 780. Rates current as of June 19, 2023, and subject to change. Please call for current rates or to lock your rate. At a 5.75%interest rate, the APR for this loan type is 5.832% and subject to increase. Based on current market conditions, the monthly payment schedule would be: 60 payments of $1,517.29 at an interest rate of 5.75%. Available on primary and secondary/vacation homes in VA, NC, SC and OH.

Your actual rate and/or points may be different, as many factors go into providing you with a mortgage loan, such as the amount of the down payment, how much equity you have or if you are purchasing, whether you're refinancing just the existing debt or adding to the loan amount. The above scenarios do not include cash-out refinances, and there may be credit score adjustments based on an applicant's credit history.

Payment examples only reflect principal and interest payment and exclude escrow (real estate property tax and home owners insurance, AKA hazard insurance), which could cause the actual payment to be higher.

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