* A 3/3 ARM has an interest rate which adjusts every 3 years, Each time the interest rate is adjusted, your monthly payments are subject change and will increase if the 3 year Treasury Security Index has gone up. With a 5% down payment, a 3/3 adjustable rate mortgage for $300,000 with an initial introductory interest rate of 3.75% (3.200% APR) would be repaid for the first 36 months in payments (principal and interest) of $1,389.36 each, followed by 324 payments at the fully indexed variable rate. Based on current indices, these payments would be $1,331.31 each, but can vary significantly if interest rates change. Payments stated above do not include taxes and insurance which will result in a higher actual monthly payment. Variable APRs shown are the best available for the initial introductory rate period of 3 years. Your introductory interest rate may differ from the fully indexed variable rate that will apply over the remaining term of your loan (27 years). After the initial introductory period, your fully indexed variable rate will be based on a Margin+Variable Index. Your Margin is determined at the time you lock-in your final rate. Your creditworthiness may affect the margin you receive. The Variable Index is the weekly average yield on United States Treasuries adjusted to a constant maturity of 3 years as made available by the Federal Reserve Board. The Margin and Variable Index are added together and rounded to the nearest 1/8th of one percentage point (0.125%) to determine your new interest rate. Your payments will be recalculated at this time and are subject to increase.
As of 2/7/2012, the current Variable Index for a 3/3 ARM is .31%. The interest rate is permitted to adjust up or down with a CAP limitation not to exceed 2% for any one adjustment. The maximum increase or decrease in the interest rate over the full term of the loan is 6%. However, the interest rate on your loan will never decrease lower than the margin. A change cannot occur more than once every 36 months for the 3/3 ARM. An increase in interest rate will result in an increase of your monthly payments. Property insurance is required. Program rates, terms and conditions are subject to change without notice.
** A 15/30 mortgage loan for $205,263.49 at an interest rate of 5.00% (5.045% APR) would have 179 payments of $1,610.46, followed by one balloon payment of $205,263.49. The final balloon payment may be eligible for refinancing with Achieva Credit Union, at the prevailing interest rate offered at the time the balloon payment is due, for a fee of $250. Refinancing is not guaranteed. If an escrow account is required or requested, the actual monthly payment will also increase to pay for items such as: flood insurance, real estate property taxes and homeowner's insurance premiums. Your actual rate and payment will vary from these examples based on many factors including: loan purpose, loan to value ratio, property location, property type, property use, rate lock period, and individual creditworthiness. Please contact the credit union so we can give you more specific details based on your personal situation. Property insurance is required. Program rates, terms and conditions are subject to change without notice.
*** Who is eligible: Existing or new licensed Medical Doctors (MD), Doctors of Dental Science (DDS), Dental Medicine (DMD), Dental Surgeons specializing in Oral or Mailofacial surgery (DMD), Doctors of Optometry (OD), Opthalmology (MD), Podiatric Medicine (DPM), and Osteopathy (DO). Medical Residents (contact us for more information regarding this specific eligibility).
