Adjustable-Rate Mortgages (ARM)

These ARMs can help you get your foot in the door.

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Yes, we really do refer to them as ARMs. But behind the odd name is a neat idea. With an adjustable-rate mortgage, you pay a lower rate for the first few years, which can make that house you really want more affordable. After that, the rate gets adjusted yearly. ARMs are a good bet if you think overall interest rates might drop, your family's income might rise, or if you might move again in a few years.

Choice of loans that offer lower rates for 3*, 5*, 7* or 10* years before adjusting every year
Our 5/5** ARM features a fixed rate for five years and then adjusts every five years
In most cases, the full loan is repaid over a 30-year period
There's a limit on how much the rate can increase per year over the life of the loan
Available for purchase or refinance
Interest payments may be tax deductible. Consult with your tax advisor.
Intangible tax fee waived for Power Financial Credit Union members

For a limited time, fees will be waived up to 2% of the amount financed on our adjustable-rate mortgages. That includes, application, appraisal and recording fees, title services and more. For a complete list, and eligibility requirements, talk to a Power Financial Credit Union mortgage specialist.

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*Lifetime cap of 6% and periodic cap of 2%. If the loan is paid off earlier than 36 months (3 years) the lender’s credit will be added to the payoff. Floor rate is equal to initial rate. Adjustable Rate Mortgages are amortized over 30-year term. Primary residence only. Valid for purchase or refinance. Applicable on 3/1, 5/1, 7/1, and 10/1 Adjustable Rate Mortgages only.

**5/5 ARM- Rate is variable with a periodic cap of 2 percentage points every 5 years with a lifetime maximum cap of 5%. Other restrictions may apply. Payment example- For a 5/5 Adjustable Rate Mortgage of $100,000 at 30 years at 3.250%, you would make 60 fixed payments of $435.21 at 3.721% APR. After that, the fully indexed rate of 3.625% will apply to the remaining 300 payments and may vary every five years. Payment amount does not include taxes and insurance. Actual payment amount will be greater.

Power Financial Credit Union serves members across South Florida with 8 full-service branches and offers convenient account access from anywhere using its secure Online Banking and highly-rated Mobile App.