The Police Credit Union is pleased to announce our new 15/15 Adjustable Rate Mortgage which offers members a clear value when it comes to getting a low rate on a new mortgage*.
According to SVP of Lending Chris Michalak, the main benefit of this type of adjustable rate mortgage is a lower rate. He states, "Term-wise, members can get the equivalent of a 30 year loan, with a fixed rate that’s lower than a regular 30 year fixed rate loan. Since the average life of a mortgage loan is around 7-10 years, members will definitely save money compared to a 30 year fixed mortgage. It’s helpful for people who don’t expect to be in their home longer than 15 years, or who won’t keep their current mortgage for longer than 15 years. They can save money now on the payment."
He adds, "Finally, if you still have the loan at the end of 15 years, it resets to a current rate for the final 15 years—minus the cost of a refinance."
To apply, call us at 800.222.1391 and press 4 to be transferred to the Mortgage Department.
*15/15 Adjustable Rate Mortgage (ARM), amortized over 30 years and fixed for the first 180 months, adjusting to the 10 Year Constant Maturity Treasury Bill plus a margin (2.75% conforming balance, 3.00% jumbo balance) in the 16th year with a 6.00% adjustment cap. Minimum qualifying credit score of 680 required. Other credit qualifications apply; contact a loan officer for more information.