Looking to buy that perfect house, but worried about the size of the monthly payments? With an adjustable rate mortgage, you might be surprised at what you can afford.
A TCU 5/1 Adjustable Rate Mortgage doesn't just buy you a nice house. It buys you time. For five years, you enjoy a lower interest rate. That gives you time to get settled in, figure out a monthly budget, maybe earn a salary increase and perhaps beef up your savings along the way. After that, your rate is adjusted annually for the remainder of the mortgage term.
All loans subject to credit approval and membership requirements. See Products and Services Details for more information.
APR is the Annual Percentage Rate. At a 3.875% initial interest rate, the APR for this loan type is 4.825%, subject to increase. Based on current market conditions, the monthly payment schedule would be:
The above information assumes the loan purpose is to purchase an existing single-family home, to be used as a primary residence, with a loan amount of $160,000 and an estimated property value of $200,000 in South Bend, IN (St. Joseph County). The rate-lock period is 45 days and the assumed credit score is ≥740. Any change to the loan scenario above could impact the rates, payments and fees associated with your mortgage. If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.
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