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Adjustable Rate Mortgages

Your Flexible Path Toward Home Ownership

Home ownership creates opportunities for a lifetime. Secure the funding for your new home with an Adjustable Rate Mortgage. Enjoy a warm-up period with fixed interest rates and the potential to save in the long run as rates change with the market.

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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.

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Lower Monthly Payments

Our Adjustable Rate Mortgages offer lower initial interest rates compared to conventional mortgages, and these rates are locked in for a set period of time.

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Interest Rate Caps

When market rates decrease, you’ll save and make lower payments. When market rates increase, you can rest assured knowing that there is a limit to how much your rate and payment can increase.

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No Prepayment Penalty

We won’t punish you with a fee for paying off your mortgage loan early. We’re there to celebrate your milestone!

Get Personalized Mortgage Assistance from 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.

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Take Advantage of an Adjustable Rate Mortgage.

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

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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.

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Conventional Mortgages

Are you looking for low-interest rates and member-friendly terms? Consider our most common type of home loan—an MCU Conventional Mortgage.

See Conventional Mortgages
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High-Balance Mortgages

In the market for a home in a high-cost neighborhood? With a High-Balance Mortgage, the borrowing limit may be higher based on area market values.

See High-Balance Mortgages
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Jumbo Mortgages

Purchasing a luxury home or higher-priced property? A Jumbo Mortgage may give qualified borrowers a higher lending limit—up to $1 million. 

See Jumbo Mortgages

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.

Adam Gonda
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Adam Gonda

Schedule a one-to-one meeting with Adam.

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Cesarina Pena
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Cesarina Pena

Schedule a one-to-one meeting with Cesarina.

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Michele Palmucci
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Michele Palmucci

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Omar Osoria
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Omar Osoria

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Sabrina Kilgore
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Sabrina Kilgore

Schedule a one-to-one meeting with Sabrina.

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Shantell Wynn
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Shantell Wynn

Schedule a one-to-one meeting with Shantell.

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 Walter Skowronski
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Walter Skowronski

Schedule a one-to-one meeting with Walter.

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Xiang He Lin
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Xiang He Lin

Schedule a one-to-one meeting with Xiang.

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Sherry Munro
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Sherry Munro

Schedule a one-to-one meeting with Sherry.

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Pedro Lopez
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Pedro Lopez

Schedule a one-to-one meeting with Pedro.

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Taurean Durham
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Taurean Durham

Schedule a one-to-one meeting with Taurean.

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 Arnold Allston
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Arnold Allston

Schedule a one-to-one meeting with Arnold.

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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.

NYMCU Digital Banking
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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.

 
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Personal Loans

Need to pay for an unexpected expense, a special event, or just need some extra cash to consolidate some high-interest bills? An MCU Personal Loan is a hassle-free way to access the funds you need and take control of your finances.

See Personal Loans
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Auto Loans & Services

Get access to reliable products that help you buy, refinance, or insure your car. Explore our affordable loan and service options so you can focus on what really matters: grocery runs, daycare pickups, or a new commute.

See Auto Loans & Services

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.

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Need More Resources? We’re Here to Help.

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

When Should You Take Social Security?

When Should You Take Social Security?

Filing for Social Security benefits as soon as you can  — or shortly thereafter —  a few years early may seem like a good idea at first. The money is ...
How To “Trick” Yourself Into Saving More

How To “Trick” Yourself Into Saving More

With inflation high and money tight for so many of us, there’s never been a better time to re-examine how we’re managing our finances and to make some moves to save more. ...
How Much Should You Save For Retirement?

How Much Should You Save For Retirement?

In a perfect world, you would start saving for retirement with your very first paycheck and keep at it until the day you left your job some 40 years later. But not everyone works ...
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 here 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.

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