ADJUSTABLE-RATE MORTGAGE

Get the lower monthly payments at the start of your mortgage.

Schedule a free appointment with a home loan expert today.

Adjustable-rate mortgages have interest rates that stay fixed for a period of time, then change based on the index rate.

  • Typically lower initial interests rates than a fixed-rate mortgage. Great if you plan to move before the end of the introductory period.
  • Flexible terms: Choose 3, 5, and 7 years. After these introductory periods, the rate adjusts annually based on the index rate.
  • With rate caps, your rate can never rise more than 2% in a year and 5% lifetime from the initial rate for 5 and 7-year terms, and 2% in a year and 6% lifetime from the initial rate for a 3-year term
  • Down payments as low as 3% with loans up to $484,350
  • We lend on primary, secondary, and investment properties1 nationwide
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Why choose DuPage Credit Union for your adjustable-rate mortgage?

  • Low mortgage rates, high member satisfaction. Over 120 5-star experiences
  • You'll work with local home loan experts—from contract to closing and beyond.
  • Pay no application fee until you lock in your rate. The lock in rate is 50 days.
  • Save up to $500 by using one of our Preferred Realtors.

Get help with adjustable-rate mortgages.

We offer available terms from 3 to 7 years for Adjustable-Rate Mortgages. Schedule an appointment with one of out home loan experts to see which option is best for you.

Unlike a Fixed-Rate Mortgage, an Adjustable-Rate Mortgage (ARM) has a variable rate. Typically, they start with a lower rate and monthly payment for the first 3, 5, or 7 years, after which, it can change based on the PRIME rate. Meaning that you may end up with a larger payment.

The difference between a Fixed-Rate Mortgage and an Adjustable-Rate Mortgage is that a fixed-rate mortgage has a fixed-interest rate for the life of the loan; whereas, an adjustable-rate mortgage (ARM) has an interest rate that varies. Sometimes an ARM will start at a lower interest rate than fixed rate mortgages and fluctuate depending on the PRIME rate.

No two situations are the same, so it’s hard to estimate how long your loan process will take. Some of the factors that affect the timeline include the type and terms of the home loan you’re requesting, the types of documentation required in order to secure the loan and the amount of time it takes to provide your lender with those documents.

In general we like to have things ready and set to go within 30 days of your application.

1
  • Homeowners insurance required. Single-Family homes only in Illinois. Does not include 2-4 flat or apartment complex financing. Max Loan to Value (LTV) is 85% for Purchase, 75% Refinance or Cash-out Refinance for up to four properties. Other restrictions apply to more than four financed properties. Closing fees may apply for certain counties. Consult a tax adviser regarding deductibility of interest. Must be a Member in good standing. Other restrictions may apply.

2
  • The rate lock period is 50 days.

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