compare your options
First Mortgages
| Fixed Rate | 5/1 ARM | 3/1 ARM | 1/1 ARM | |
| Maximum Combined Loan to Value Ratio | 80% of value for a refinance. 80% of purchase price or appraised value for a purchase | 80% of value for a refinance. 80% of purchase price or appraised value for a purchase | 80% of value for a refinance. 80% of purchase price or appraised value for a purchase | 80% of value for a refinance. 80% of purchase price or appraised value for a purchase |
| Maximum Loan Amount | $830,000 | $830,000 | $830,000 | $830,000 |
| Payment Amount | Amortized for up to 40 years (Example payments at today's rates would be $8.50/$1,000 on a 15-year, $6.13/$1,000 on a 30-year and $5.96/$1,000 on a 40-year) | Amortized for up to 30 years (Example payments at today's rates would be $8.25/$1,000 on a 15-year and $5.74/$1,000 on a 30-year) | Amortized for up to 30 years (Example payments at today's rates would be $8.20/$1,000 on a 15-year and $5.68/$1,000 on a 30-year) | Amortized for up to 30 years (Example payments at today's rates would be $8.12/$1,000 on a 15-year and $5.59/$1,000 on a 30-year) |
| Closing costs | 1% origination fee + closing costs. Origination fee waived when refinancing a loan currently held by ARHCU | 1% origination fee + closing costs. Origination fee waived when refinancing a loan currently held by ARHCU | 1% origination fee + closing costs. Origination fee waived when refinancing a loan currently held by ARHCU | 1% origination fee + closing costs. Origination fee waived when refinancing a loan currently held by ARHCU |
| Are there different rates? | There is a 15-, 30- and 40-year rate. There is a different rate for loans of less than $50,000. View rates | There is a 15-year rate and a 30 year rate. View rates | There is a 15-year rate and a 30 year rate. View rates | There is a 15-year rate and a 30 year rate. View rates |
| Rate adjustments | None. Rate is fixed for the term of the loan | At the end of the 5th year and every year thereafter | At the end of the 3rd year and every year thereafter. | Yearly |
| Caps | None. | 2% per adjustment, 6% over the life of the loan | 2% per adjustment, 6% over the life of the loan | 2% per adjustment, 6% over the life of the loan |
| What is rate based on? | Set by Credit union. | 1 year Constant Maturity Treasury + 2.75% for 15 year term and 1 year CMT + 3% for 30 year term | 1 year Constant Maturity Treasury + 2.75% for 15 year term and 1 year CMT + 3% for 30 year term | 1 year Constant Maturity Treasury + 2.75% for 15 year term and 1 year CMT + 3% for 30 year term |
| Who would benefit from this loan? | Members who plan on living in their home a long and/or are uncomfortable with a variable rate. | Members who plan on being in their home for 5 years or less and/or feel comfortable with an adjustable rate, or feel the loan will be paid in 5 years. | Members who plan on being in their home for 3 years or less and/or feel comfortable with an adjustable rate, or feel the loan will be paid in 3 years. | Members who plan on being in their home for 1 year or less and/or feel comfortable with an adjustable rate. |
Second Mortgage Products
| Fixed Rate | 5 Year ARM | 80% HELOC | 100% HELOC | |
| Maximum Combined Loan to Value Ratio | 80% up to $250,000 | 80% up to $250,000 | 80% up to $250,000 | 100% |
| Maximum Loan Amount | $250,000 | $250,000 | $250,000 | $50,000 |
| Payment Amount | Amortized for up to 30 years Example: 15-year @ 80% LTV = $8.88/$1,000 30-year @ 80% LTV = $6.85/$1,000 15-year @ 100% LTV = $9.44/$1,000 |
Amortized for up to 15 years Example: $8.71/$1,000 |
Interest only | 1% of balance if interest rate is less than 9%. 1.5% of balance if rate is 9% or more |
| Closing costs | Between $150 and $500 | Between $150 and $500 | Between $150 and $500* | Between $150 and $500* |
| Allows future advances? | No | No | Yes | Yes |
| Annual fee | No | No | $50 | $50 |
| Rate adjustments | None. Rate is fixed | At the end of the 5th year and the end of the 10th year | Monthly | Monthly |
| Caps | None. | 2% per adjustment, 4% over the life of the loan | 6% above the fully indexed rate at the time the loan funds | 6% above the fully indexed rate at the time the loan funds |
| What is rate based on? | Set by ARHCU using a number of different factors. | 5 year Constant Maturity Treasury + 2.75% | Prime Rate + 0.0% | Prime Rate + 1.5% |
| Who would benefit from this loan? | Members who need to borrow their equity at the beginning of the loan and like a fixed interest rate and fixed payments. | Members who need to borrow their equity at the beginning of the loan and feel comfortable with an adjustable rate, or feel the loan will be paid in 5 years. | Members who see a need to borrow their equity over time, who are comfortable with an adjustable rate. | Members who need to borrow their equity over 80% of the value of their property. |
If you are interested in choosing your mortgage, just click here to let us know or call us and speak with a Telephone Services Associate 24 hours a day/7 days a week 916.985.6700 or 800.669.1313 (outside 916).
