Spectrum Credit Union recognizes there’s no one-size-fits-all solution, especially when it comes to a home loan.
Whether you’re a first-time homebuyer or a seasoned borrower, you may prefer a mortgage with an interest rate that grows over time. For example, if you’re early on in your career and expect your income to grow over time, an adjustable-rate mortgage allows you to have an initial lower payment, which translates into increased purchasing power up front. This means you can take the time you need to grow into a higher interest rate.
- Starts out with a lower interest rate that results in an initial lower payment
- Available in 15- and 30-year terms
- Provides an initial fixed-rate period of 3, 5, 7, or 10 years before the rate adjusts; the interest rate can adjust annually thereafter.