San Jose, CA/Wilmington, NC —Homeowners may be relieved to learn there are many alternatives available to a traditional 30-year fixed mortgage. Alliance Credit Union has combined the features of the fixed-rate mortgage and an adjustable-rate mortgage into a 5/5 ARM.
This new 5/5 ARM option includes five years of low and locked-in payments with rate subject to change every five years, interest rate changes limited to 2% for each adjustment period and 5% over the life of the loan, and a maximum term of 30 years. The 5/5 ARM offers greater payment stability than the 5/1 ARM since rates and payments are fixed for five-year intervals.
Alliance is always happy to help you when you are thinking of purchasing a home or refinancing. Alliance offers great rates without purchasing points and pays all associated third pary fees. For more information about your mortgage options, contact a Loan Officer at 800.232.8669.