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Adjustable-rate mortgages (ARM) are just what they sound like - a loan where the interest payment could change over the course of the loan. They’re not the right fit for everyone but they could be the right fit for you - especially if you don’t think you’ll be in your house for long or it’s likely your income will rise in the future.

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Count on Summit Credit Union’s lending experts to walk you through your choices and help find your best loan.


Adjustable-rate Mortgage Loans

  • The initial interest rate is typically lower than a fixed-rate loan - which means a more affordable monthly payment at the beginning of your loan
  • You could pay less in interest if you only stay in the home for a short time - depending on market conditions, you might never have a rate increase on your loan
  • A lower initial payment might help you qualify for a larger mortgage loan
  • They’re available with low down payment options - which could help you get into the home of your dreams faster
  • And like every Summit mortgage, your loan will be serviced directly by Summit

Adjustable-Rate loan options:

  • A great rate with a variety of terms: Adjustable-rate mortgage loans are available for 1- to 10-year initial rate lock periods
  • You may qualify for loans designed to meet the needs of low-income households, veterans, first-time buyers and more

View the Daily Rate Sheet for all home loan options, details and disclosures.

Understanding ARM Loans

ARM loans are often described with a two-digit number (for example, 1-1, 3-1, 5-1 and 10-1).

Here’s what those numbers mean:

  • The first number = how many years the initial interest rate will be locked in.
  • The second number = how frequently the loan rate could be adjusted after that period.

So, for a 3-1 loan: The original interest rate would be fixed for the first three years and it could change once each year for the rest of the loan.


Which loan is right for you?

Use our online loan consultant to find the home loan option and rate best for you.

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Featured Mortgage Rates
Rates Effective April 7, 2020
Type and Term Rate Annual Percentage Rate

30 Year Fixed

3.250% 3.318%

15 Year Fixed

2.750% 2.872%

7/1 ARM**

3.500% 3.182%


Frequently Asked Questions