About MCU

MCU's NEW 5/5 Adjustable Rate Mortgage

The 5/5 Adjustable Rate Mortgage (ARM) is considered a hybrid mortgage option due to its unique ability to combine some of the benefits of fixed and adjustable rate mortgages into one great product.

Lower initial interest rate than
most Fixed Rate mortgages
Rate adjusts every 5 years -
maximum increase of 5%
Periodic adjustment cap of 2%
MCU's Adjustable Rate Mortgage (ARM) product with the fewest number of adjustments
Financing for 1 to 4 family homes,
co-ops and condos.
A good option if you plan to
live in your home for less than 10 years

Compare Mortgage Options

5/5 Adjustable Rate Mortgage (ARM)

  • Best rate available for a 5 year term
  • No interest rate changes for first 5 years
  • Rate adjusts once every 5 years with a 2% periodic
    adjustment cap and a lifetime cap of 5%
  • Rate may increase or decrease
  • Lower initial interest rate than a fixed rate mortgage
  • No prepayment penalty

5/1 Adjustable Rate Mortgage (ARM)

  • No interest rate changes for first 5 years
  • Rate adjusts every 1 year after the first 60 months
  • Rate may increase or decrease
  • Lower initial interest rate than a fixed rate mortgage
  • No prepayment penalty

30 Year Fixed Rate Mortgage

  • Fixed interest rate for the life of the loan
  • Monthly principal and interest payments stay the same
  • Rate is usually 1%-2% higher than an ARM
  • No prepayment penalty
 

For further details, call us today at 212-238-3521.

*APR=Annual Percentage Rate. The rate is current as of November 5, 2019 and is the Credit Union’s best rate. Rates and terms may vary depending on loan to value ratio, credit evaluation and underwriting requirements. After the fixed rate period, your interest rate will adjust up or down according to market rates at the time of reset. PMI=Private Mortgage Insurance. Flood and/or property hazard insurance may be required. All Credit Union loan programs, rates, terms, and conditions are subject to credit approval and may change at any time without notice. 5/5 ARM: The payment on a 30 year $280,000, 5-year Adjustable Rate Loan at 2.99% and 80% loan-to-value (LTV) is $1,178.98. After 5 years, the payment is $1,335.60. These payments do not include taxes or insurance premiums. The actual premiums will be higher; and rates provided are based on current market rates and are informational only. Payments are estimates and include only principal and interest. Membership is required.

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Routing Number: 226078036

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Routing Number: 226078036

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