The low payments of a traditional adjustable-rate mortgage combine with low adjustable caps for greater rate security.
The 5-Year Adjustable Rate Mortgage (ARM) at Star One Credit Union—starting at 2.625% interest rate and a 2.689% APR1.
The 5/5 ARM combines lower initial payments with an extended period between rate and payment changes for greater rate security than traditional a ARM. This loan is best for homeowners that are willing to trade some risk of future interest rate increases for a lower start rate.
Your initial interest rate is guaranteed for the first five years. After that, the rate will adjust up or down every five years limited by a 2% period cap and 5% lifetime cap. The 5/5 ARM program is not available for investment properties.
1. APR=Annual Percentage Rate. Current rate 2.689% APR is subject to change. For example on a 30-year 5/5 ARM loan of $500,000, you would make 360 monthly payments. The monthly payment in the first five years would be $2008.25 and would be adjusted after the fifth year.
Please remember that Star One employees will never call you to verify or ask for your personal information.
Hang up immediately if someone claiming to be a Star One employee asks for any banking information—such as your Online Banking login information, account numbers, card PINs, or one-time passcodes.
A fraudster may try to reassure you that it's OK to share your information—please hang up, it's not OK.
Several Star One members have received phone calls from a person claiming to be a Star One employee—with a caller ID forged to look like a Star One phone number—and whose goal is to gain access to members' bank accounts online.