View Message

ALERT
Please be advised that the ATMs at our Georgetown branch, located at 2142 Ralph Avenue in Brooklyn, will be temporarily unavailable due to a planned electrical shutdown from 5pm – 2am on the upcoming days:

*July 1st - > July 3rd 
 *July 5th

During these times, please visit one of our other local ATMs or use our Digital Banking platform. We apologize for any inconvenience this may cause.

ADJUSTABLE RATE MORTGAGES

Get the Best of Both Worlds

Enjoy a warm-up period with fixed interest rates and the potential to save in the long run as rates change with the market.

Apply Now
Join MCU Today
_0004_ARMs-Page
Adjustable Rate Mortgages

Lock in Low Initial Rates for 5 Years.

Open the door to your dream home with a zero point, 30-year Term, 5/6 Adjustable Rate Mortgage (ARM) with MCU. For a limited time, enjoy a 5.625% rate for the first 5 years* and rates after the first 5 years as low as 8.15% APR*- all while experiencing our credit union’s exceptional member service.

*APR=ANNUAL PERCENTAGE RATE. RATES AND PAYMENTS MAY ADJUST EVERY 6 MONTHS AFTER THE INITIAL PERIOD EXPIRES BASED ON MOVEMENTS IN THE INDEX. CURRENT RATE SHOWN ABOVE FACTORS IN MCU’S FLOOR RATE OF 2.750%. CURRENT RATE IS AN MCU PROMOTIONAL RATE STARTING 06.06.23 AND WILL EXPIRE IN 120 DAYS (10.04.23). ANY APPLICATION SUBMITTED ON OR AFTER 10.05.23 WILL NOT RECEIVE THE PROMOTIONAL RATE. THE PAYMENT EXAMPLE DOES NOT REFLECT AMOUNTS DUE FOR TAXES, HOMEOWNER’S INSURANCE AND PMI INSURANCE. (PMI INSURANCE WILL BE REQUIRED IF YOU ARE BORROWING MORE THAN 80% OF THE APPRAISED VALUE OF THE PROPERTY). THEREFORE, YOUR ACTUAL PAYMENT OBLIGATIONS WILL BE HIGHER.

Payment Example. The payment on a 30 year $100,000, 5/6 year Adjustable Rate Loan at 5.625 and 80% loan-to-value (LTV) is $575.66. After 5 years, the interest rate cannot increase more than 2% at the first interest rate change and cannot increase more than 1% every 6 months, thereafter. The rate will not be higher than 10.000% over the term of the loan. Payments are estimates and include only principal and interest. Rate is applicable to loans secured by a 1-2 Family home which is the principal residence of the borrower(s). Different rates may apply for loans secured by Co-ops, Second/Vacation homes and 3-4 Family homes and loan amount. Rates may be higher based on applicant’s creditworthiness. Rates and terms are subject to change without notice. Certain restrictions may apply. The initial rate is current as of 7/21/23 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. Membership is required.

couple-looking-at-tablet-with-card

5.625% Initial Rate*

For a Limited Time Only

Adjustable Rate Mortgages Adapt with You.

Get the best of both worlds with our Adjustable Rate Mortgages—which combine the benefits of fixed and adjustable rates into one great loan option. Members can save money with market rate changes and never have to worry about prepayment penalties.

Get Personalized Mortgage Assistance from Our Team of Experts.

The mortgage process can be overwhelming, especially for first time buyers. Regardless of your experience level, our team of Lending Sales Specialists is here to help guide you into making the best financial decisions for your future.

personalized-mortgage-assistance_image-isolated-(2)-(1)
ready-to-help-you-get-past-homebuying-hurdles_dots

Saving for a 20% Down Payment? There’s Another Option.

Say "goodbye" to hefty down payments! Private Mortgage Insurance (PMI) reduces your initial required down payment below the typical 20%, making it easier than ever to say "hello" to homeownership. MCU members may be eligible for an exclusive offer—we cover the monthly PMI costs for you!

pmi-image

Take Advantage of an Adjustable Rate Mortgage.

Experience the flexibility and potential savings of an adjustable rate mortgage with MCU.

30n

30-Year Term

Get the best rate available for a 30-year term, with no interest rate changes for the first 5, 7 or 10 years, depending on the product you choose.

Apply Today

Looking for a Different Type of Mortgage?

Finding the right mortgage can be challenging. That’s why we offer our members a variety of mortgage options—all with member-friendly terms, competitive rates, and top-notch support.

Get Expert Support, When You Need It.

Connect with one of our Lending Sales Specialists to receive personalized support with all of your lending needs—just another perk of being a member of the MCU community.

Carl Gayle
Connect with
Carl Gayle

Schedule a one-to-one meeting.

redirect-arrow
Stephanie Rodriguez
Connect with
Stephanie Rodriguez

Schedule a one-to-one meeting.

redirect-arrow
Taurean Durham
Connect with
Taurean Durham

Schedule a one-to-one meeting.

redirect-arrow
Cesarina Pena
Connect with
Cesarina Pena

Schedule a one-to-one meeting.

redirect-arrow
 Arnold Allston
Connect with
Arnold Allston

Schedule a one-to-one meeting.

redirect-arrow
Xiang He Lin
Connect with
Xiang He Lin

Schedule a one-to-one meeting.

redirect-arrow
Michele Palmucci
Connect with
Michele Palmucci

Schedule a one-to-one meeting.

redirect-arrow
Sherry Munro
Connect with
Sherry Munro

Schedule a one-to-one meeting.

redirect-arrow
Jerrel Sturrup
Connect with
Jerrel Sturrup

Schedule a one-to-one meeting.

redirect-arrow
Stephanie Fernandez
Connect with
Stephanie Fernandez

Schedule a one-to-one meeting.

redirect-arrow
Emilio Sosa
Connect with
Emilio Sosa

Schedule a one-to-one meeting.

redirect-arrow
Warren Irons
Connect with
Warren Irons

redirect-arrow
Shantell Wynn
Connect with
Shantell Wynn

Schedule a one-to-one meeting.

redirect-arrow
Gary Cotes
Connect with
Gary Cotes

Schedule a one-to-one meeting.

redirect-arrow
Pedro Lopez
Connect with
Pedro Lopez

Schedule a one-to-one meeting.

redirect-arrow
Sabrina Kilgore
Connect with
Sabrina Kilgore

Schedule a one-to-one meeting.

redirect-arrow
Omar Osoria
Connect with
Omar Osoria

Schedule a one-to-one meeting.

redirect-arrow
Adam Gonda
Connect with
Adam Gonda

Schedule a one-to-one meeting.

redirect-arrow
 Walter Skowronski
Connect with
Walter Skowronski

Schedule a one-to-one meeting.

redirect-arrow
Sean Remy
Connect with
Sean Remy

redirect-arrow
Carlos Raposo
Connect with
Carlos Raposo

Schedule a one-to-one meeting.

redirect-arrow
Gabrielle Naughton
Connect with
Gabrielle Naughton

redirect-arrow
Justyn Chery
Connect with
Justyn Chery

redirect-arrow
Raquel Bhola
Connect with
Raquel Bhola

redirect-arrow

Banking That’s Always by Your Side

Access the information you need, when you need it with our easy-to-navigate digital banking platform. Discover helpful tools and settings that make banking smarter, not harder.

Download the Mobile Banking App
MCU-homepage-mobile-mockup-V3-new

Explore Additional MCU Lending Options.

We work hard to ensure that our community heroes get the financial support they deserve. Whether you're buying a home, a vehicle, or something else, MCU is here to help you along the way.

 

No Matter Where You Are in Life, We’re Right There with You.

At MCU, we believe that a credit union should be a lifelong source of financial education and support—from planning for college to saving for retirement and everything in between.

That’s why we have specialized recommendations for products and services designed to help you meet your goals (both short-term and down the road), based on your changing needs and priorities.

top top
bottom

Need More Resources? We’re Here to Help.

Finding information to make the right financial decisions about homeownership We make it easier with our helpful resources below, designed to help heroes like you make smart, informed decisions.

All about Private Mortgage Insurance (PMI)

Have you heard of PMI? PMI, short for Private Mortgage Insurance, is an insurance policy that helps protect the lender if the borrower can't pay their mortgage. ...

What to Consider Financially As A First-Time Homebuyer

So, you’re ready to buy your first home. Congratulations! For many people, taking this step is one of the biggest financial moves they will make in their entire lives. Because of ...

Mortgages 101: Getting Started on The Path to Homeownership

When you embark on the search for a new home, you may think you know the steps to take: Read the listings, visit some open houses, sign on with a Realtor, make an offer. In fact, ...
FAQs

Got Questions? We’ve Got Answers.

What’s the difference between a fixed-rate mortgage and an adjustable-rate mortgage?

While the fixed-rate mortgage may be self-explanatory—your mortgage rate, monthly principal, and interest payment remain the same throughout the life of your loan—an Adjustable Rate Mortgage (ARM) may be less so. An ARM has its rates change periodically based on a specific, pre-defined benchmark. With those changes of rates, your payments may also change. For more information on how ARMs work, feel free to reach out to an MCU Lending Sales Specialist.

Is there a maximum on how much my rate can increase?

Yes. Adjustable Rate Mortgages (ARMs) do have a pre-set rate limit. The rate limit differs depending on your loan. For more information, please visit our rates page: https://www.nymcu.org/rates.

I’m not planning on staying in my home for long, is an Adjustable Rate Mortgage right for me?

If you don’t plan on staying in your home for a typical mortgage term, an Adjustable Rate Mortgage (ARM) may be a good choice for you, as it is more likely your rates will be lower at the start of the life of your loan.

Ready to Purchase Your Dream Home?

Join now to get access to the competitive rates, savings products, and educational resources you need to secure an exceptional financial future—and the residential property of your dreams.

final-cta-green-visual-asset_left
final-cta-visual-asset_right
final-cta-visual-asset-paint-stroke
You are now leaving the Municipal Credit Union website and entering a website hosted by another party. A link to this site is being made available for convenience and informational purposes only. Any products or services accessed through this link are not being provided by Municipal Credit Union and are solely the responsibility of the vendor or merchant hosting this other website. Please be advised that the vendor or merchant hosting this other website may have a privacy and information security policy that is different than that of Municipal Credit Union. Municipal Credit Union disclaims any responsibility for the content of the third-party website you are about to access.