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Wondering if an Adjustable-Rate Mortgage is a good fit for you and your goals as a homeowner? It could be – and we’re here to help you figure out a definite answer. Understanding your options means you’ll feel great about whatever decision you go with.

How Do ARMs Work?

You lock in a low rate for an initial term (from 3 to 15 years), then your rate and payments may go up or down after that.An Adjustable-Rate Mortgage (ARM) is a great option if:
  • You’re looking for a more affordable payment early on.
  • You don’t plan to stay in your home for the long haul.
  • You want a down payment option as low as 10% and the savings of no mortgage insurance requirement.
Our ARMs are amortized This means paying back your loan in regular, monthly payments over time, with each payment covering part of the interest and part of the principal loan amount until it’s fully paid off. over 30 years, and you can always pay your loan off sooner – there’s no prepayment penalty.An ARM’s first number refers to how many years your initial rate is fixed. The second reflects how often your rate adjusts after that. Let’s break it down in detail:
15/15 ARM Your rate is fixed for the first 15 years, then your rate and payment could change (and lasts another 15 years to the end of the loan). 10/1 ARM Your rate is fixed for the first 10 years, then your rate and payment could change yearly until the end of your loan. 7/1 ARM Your rate is fixed for the first 7 years, then your rate and payment could change yearly until the end of your loan. 5/1 ARM Your rate is fixed for the first 5 years, then your rate and payment could change yearly until the end of your loan. 3/1 ARM Your rate is fixed for the first 3 years, then your rate and payment could change yearly until the end of your loan.

You Can Change Your Summit ARM’s Locked-In Rate

No worries about missing out on a lower ARM rate after you’ve locked in – you could have the flexibility to switch to that lower rate (and lower payments) for just $300! Here’s how this unique Summit rate modification may come into play:

Before Closing

For example, if you lock in your ARM rate way ahead of your closing and then rates go down right before you close on your home.

After Closing

A great option if rates go down in the future and you want to switch to one you love more – anytime up to one year before your first rate adjustment on your Summit ARM. For example: You could modify your rate within the first 9 years of your 10/1 ARM, or within the first 6 years of your 7/1 ARM.
In helping over 10,000 people build wealth through homeownership in the last year, we know exactly how to help you enjoy that “I’m buying a new house!” feeling. Make decisions easily and with confidence when you partner with Wisconsin’s #1 Mortgage Lender. Plus, get support every step of the way with:
  • A free preapproval in less than 15 minutes
  • The flexibility to submit your application now and lock in your rate anytime up to 7 days before closing (great in a rising rate environment)
  • Local mortgage service for the life of the loan
  • Helpful and other easy
A preapproval helps you know exactly what you can afford and feel confident in your homebuying decisions. Plus, that extra knowledge makes you a more credible buyer, letting sellers know you have the financing available to make your purchase. We're here for your questions and everything you need to know on how to get preapproved for a house! To get started, you just need:
  • Your most recent 30 days of pay stubs and two years of W-2s.
  • Your non-Summit statements for all bank accounts and loan balances.
Wherever you’re at in your mortgage journey, reach out! We’re here to talk through your goals and questions and offer guidance so you can move forward, stress-free. We make it easy to connect with us: Over 40 Mortgage Loan Officers In-person, video or phone 800-236-5560
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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