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Get Savings and Stability with Summit’s 15/15 Arm

An easier, more affordable way to buy, build or refinance a homeA house is one of the biggest purchases you’ll probably ever make. Which means you really (really!) want to be sure you’re getting the home loan that’s right for you, and that just might be a 15/15 Adjustable-Rate Mortgage (ARM)! But first, let’s look at some helpful background, starting with the two main categories of mortgages – fixed-rate and adjustable-rate.A fixed-rate mortgage is all about stability.You’ll pay the same interest rate and have the same payment over the life of your loan (Summit offers fixed-rate terms from 10 to 30 years). This can be a great option if you’re planning to be in your home for a long time or if you're still thinking about a future forever-home.That said, the rate is usually higher than the initial rate for an adjustable-rate mortgage, so it might not be your best option if you only plan to live in your house a short time.An adjustable-rate mortgage (ARM) can be a good way to save.An ARM is available at Summit in terms from 3 to 15 years and might be a good choice if:
  • You need the most affordable payment possible right now
  • You think your income might increase down the road – which could line up with a potentially higher payment later, or
  • You’re only planning to stay in your house a little while (i.e., you’ll sell it before your rate changes).
With an ARM, your initial interest rate is lower than a fixed-rate mortgage and it’s locked in for a certain period. After that, the interest rate can change. To understand this better, let’s talk about the two numbers you’ll typically see in the name of an ARM (like 15/15).The first number is how many years your initial rate is fixed. The second one reflects how often the rate adjusts after the initial term. Here are a couple examples:
  • For a 7/1 ARM, you’d have a fixed rate for the first seven years. Then your rate and payment could change once a year after.
  • For a 15/15 ARM, you’d have a fixed rate for the first 15 years. Then your rate and payment could change but last another 15 years – the rest of the loan term.
15/15 ARM -- The best of both fixed-rate and adjustable-rate mortgages.You can get years of fixed-rate stability plus savings from a lower rate and a lower monthly payment. Here are the advantages of a 15/15 ARM:
  • Lower payments spread over 30 years. And the rate and required minimum payments are typically lower than what you’d pay on a 30-year fixed mortgage.
  • Less PMI payments. Wave buh-bye to private mortgage insurance (PMI) with just 10% down.
  • Lower closing costs. Because it doesn’t have all the same government fees* most mortgages do.
  • Faster loan payoff potential. If you take the money you save on lower monthly payments, less PMI and lower closing costs and put it toward your mortgage, you can pay your loan off faster—and build equity faster too!
Is Summit’s 15/15 ARM right for you?Find out! Your Summit mortgage loan officer would love to help you find the loan that meets your needs – whether it’s a 15/15 ARM or one of our many other loan options. Schedule a time to chat by giving us a or . You might also be interested in Buying a car is a big deal — hey, those things are expensive! And even if picking out a vehicle is one of your most favorite things ever, it can still... Each generation comes with its own unique challenges. For millennials, this often means a lower degree of financial literacy. Finances can be daunting... Financial success isn’t how much money you have — it’s feeling good about what you’re doing with the money you have... An easier, more affordable way to buy, build or refinance a home A house is one of the biggest purchases you’ll probably ever make. Which means you really... Home equity loan or line of credit (HELOC) — which one’s right for you? Thinking about making some home improvements this fall — or planning ahead so you’re... Navigating finances after college is hard, but you can take it one lesson at a time. Get tips for managing money and paying off student debt after graduation... Sometimes having a little extra cash is the only thing between you and your dreams. Check out these financial tips to be smart about borrowing money and... Buying your first home can be intimidating, so we asked real people to share their new homeowner tips. Find out their strategies to ace the homebuying... Buying a car is a big purchase, but if you play your cards right, you can get a good deal. Learn how to save money at every step of the car buying process...
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* The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2023, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the LEI: 254900NTAC4H10MGSU23 ** SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2024. Copyright 2025 © Summit Credit Union. All rights reserved. If you are using a screen reader and are having problems using this website, please call 608-243-5000 for assistance. Insured by NCUA