Adjustable Rate Mortgages

An Adjustable Rate Mortgage may be a good choice if you:

  • Want to maximize your buying power
  • Want to keep your payments lower during the first few years of your loan
  • Plan to move into a different home within the next 10 years
  • Plan to pay-off your mortgage within the next 10 years
  • If, in the coming years, you expect your income to increase significantly

3/1 ARM SUNCOAST OWNED PROPERTY

Best Choice If:

  • You are purchasing a property currently owned by Suncoast Schools Federal Credit Union.
  • To keep your payments low.
  • To maximize the amount of loan you qualify for.
  • Advantages:

  • Initial interest rate is fixed for 3 full years. The rate adjusts annually thereafter.
  • Allows for higher loan amount qualification and enhanced buying power.
  • Disadvantages:

  • It's riskier if you don't expect your income to increase over the initial three-year period to cover the change in monthly payment.
  • Interest rate and payments can rise above the current fixed rates over time.
  • Right Time 5/5 ARM

    Best Choice If:

  • You plan to stay in your home 10 years or less.
  • You need to maximize your purchasing power by selecting the lower rate ARM with a lower initial payment.
  • Advantages:

  • The Credit Union will pay up to $2500 in qualified closing costs.
  • Initial interest rate remains the same for the first five years. After that the rate can only change once every 5 years.
  • 97% Financing available for the purchase of a primary residence without Private Mortgage Insurance (PMI) or up to 95% with PMI (subject to credit and underwriting qualifications).
  • Cash out up to 80% LTV for the payoff of your 1st and 2nd mortgage or SSFCU accounts.
  • Disadvantages:

  • This 30-year ARM loan is riskier than the 30-year fixed rate if you don't expect your income to increase over the initial 5 year period to cover the possible increase in your monthly payment.
  • Right Time 3/3 ARM

    Best Choice If:

  • You plan to stay in your home or refinance in 7 years or less.
  • You need to maximize your purchasing power by selecting the lower rate ARM with a lower initial payment.
  • Advantages:

  • The Credit Union will pay up to $2500 in qualified closing costs.
  • Initial interest rate remains the same for the first three years. After that the rate can only change once every 3 years.
  • 97% Financing available for the purchase of a primary residence without Private Mortgage Insurance(subject to credit and underwriting guidelines) means you save even more on your monthly mortgage payment.
  • Cash out up to 80% LTV for the payoff of your 1st and 2nd mortgage or SSFCU
  • Disadvantages:

  • This 30-year ARM loan is riskier than a 30-year fixed rate product if you don't expect your income to increase over the initial 3 to 6 year period to cover the possible increase in your monthly payment.
  • 5/1 ARM SUNCOAST OWNED PROPERTY

    Best Choice If:

  • You are purchasing a property currently owned by Suncoast Schools Federal Credit union.
  • To keep your payments low.
  • To maximize the amount of loan you qualify for.
  • Advantages:

  • 95% Financial available.
  • Initial interest rate is fixed for 5 full years. The rate adjusts annually thereafter.
  • Allows for higher loan amount qualification and enhanced buying power.
  • Disadvantages:

  • It's riskier if you don't expect your income to increase over the initial five-year period to cover the change in monthly payment.
  • Interest rate and payments can rise above the current fixed rates over time.
  • 7/1 ARM

    Best Choice If:

  • You want:
  • The interest rate to stay constant for the first seven years.
  • To keep your payments low.
  • To maximize the amount of loan you qualify for.
  • Advantages:

  • 95% Financing available for the purchase of a primary residence.
  • Cash out up to 80% LTV for the payoff of your 1st and 2nd mortgage or SSFCU accounts.
  • Initial interest rate remains the same for 7 full years. The rate adjusts annually thereafter.
  • Allows for higher loan amount qualification and enhanced buying power.
  • Disadvantages:

  • This 30-year ARM is riskier than a 30-year fixed mortgage because the interest rate and payments can rise above the current fixed rates over time.
  • FIRST TIME HOMEBUYER 10/1 ARM

    Best Choice If:

  • You have a limited amount of money towards a down payment.
  • You have not owned a home during the past 3 years.
  • You want the interest rate to stay the same for at least 10 years.
  • You want to maximize the amount of loan you qualify for.
  • Advantages:

  • No Private Mortgage Insurance required which equals a savings on your monthly payment!
  • Initial interest rate remains the same for 10 full years. The rate adjusts annually thereafter.
  • 95% Maximum LTV allows for higher loan amount qualification and enhanced buying power.
  • Disadvantages:

  • The maximum loan amount is $200,000
  • Interest rate and payments can rise above the current fixed rates over time after the first 10 years.
  • Mobile Home & Land ARM

    Best Choice If:

  • You want to purchase a Mobile Home with Land.
  • You want to refinance your existing balance on your mobile home with land.
  • Advantages:

  • Up to 80% Loan to Value is Available.
  • Payment for property taxes and mobile home insurance will be included in your monthly mortgage payment.
  • Borrow up to $100,000 to purchase land and mobile home.
  • Initial interest rate remains the same for 5 full years. The rate adjusts annually thereafter.
  • Disadvantages:

    You must own the land your mobile home is located on, or purchase land at the same time you purchase your mobile home.

    Lot Loan ARM

    Best Choice If:

  • If you find the perfect lot to build your dream home, but are not yet ready to build.
  • You want to build equity in your land before you build.
  • Advantages:

  • Allows you to purchase vacant land for future use.
  • Disadvantages:

  • Maximum term is 12 years.
  • Available for property in the state of Florida only.
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