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1 yr ARM

Adjustable Rate Mortgage

Loan features:

  • Fully amortizing over a 30 year term.
  • Interest rate and payment that can adjust annually.
  • Interest rate can not increase or decrease more than 2% per year.
  • “Life of loan” rate ceiling of 6% over the original interest rate.
  • Conversion option after the first year and before the end of the fifth year.
  • No prepayment penalty.

Ideal for borrowers who:

  • Are looking for short term financing.
  • Want a lower rate during that short period of time.
  • Like the lower initial rate
  • Are not concerned about the probability of their interest rate and payment changing.

Contact our Home Loan Center at 206-398-5888 or relending@smcu.com for more information or to start your loan application.

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