10/6 ARM Mortgage Loan
LAFCU’s 10/6 ARM loan is a low-cost option that allows members to purchase more house for less out-of pocket monthly expense. It was developed to help members in this period of inflation and rising interest rates. Start enjoying the benefit of a 10/6 ARM Mortgage Loan - priced at 1.25% off the approved 30 year fixed rate.* Learn more about a 10/6 ARM Mortgage Loan below.
*Programs, rates, terms and conditions are subject to change without notice. All loans are subject to approval and additional restrictions may apply. The 10/6 ARM rate is fixed for the first 10 years. After the fixed period, rates are subject to change every 6 months. The floor rate for the 10/6 ARM is 3.25%.
What is a 10/6 ARM?
A fixed-rate mortgage has the same interest rate from the time you take out the loan until you pay it off. With an ARM loan, or adjustable-rate mortgage, the interest rate is set for a period of time, and then may go up or down after that set adjustment period.
A 10/6 ARM Mortgage has an interest rate that is fixed for 10 years, and then the interest rate will be adjusted every six months after that for the duration of your loan.
What is the best solution for you?
If you are considering a 10/6 ARM or any other mortgage loan option and not sure which one is right for you, a mortgage loan officer can answer any questions you may have while helping you make the right financial decision.
If you have any questions, call us at 517-622-6600 or speak with a LAFCU representative through our online chat.