Don't let high interest rates delay your plans for homeownership
Affordable starting rate and payment
Option to convert to fixed-rate
Local loan servicing and advice
We have adjustable-rate mortgage options for all.
An ARM offers a low initial rate and likely more affordable mortgage payments than a comparable fixed-rate loan. We offer affordable 5-year ARM, 7-year ARM and 10-year ARM terms.
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FAQs about Adjustable-Rate Mortgage (ARM) Loans
Yes, if you have a higher credit score (720+) and a lower debt-to-income (DTI) ratio, you have the option to select our FlexChoice Convertible Mortgage, allowing you to convert your ARM to a fixed-rate loan after three years, with no conversion fee. This is a great benefit if market rates drop in your favor at that time.
Your fixed-rate APR will be based on current market rates at the time you convert your loan.
This is a mortgage that is fixed at a lower than market rate (called the Start Rate) for a certain number of years, then adjusts each year after that for the term of the loan
- The Adjustment Rate is tied to the One Year Treasury Constant Maturity Index plus a set margin.
- There is a cap on how low the rate can go, called a Floor Rate.
- There is a cap on how high the rate can go, called the Ceiling Rate.
- There is a rate adjustment cap of 1%.
- We offer fixed periods of 5, 7, and 10 years.
Example of a Rate Adjustment:
- Current Mortgage Rate: 3.375%
- Today’s One Year CMT Rate is 3.02%
- The Margin is 2.25%
- The new Adjusted Rate would be: 3.02 + 2.25 = 5.37
However, there is a rate adjustment cap of 1%, therefore the adjusted rate would be 4.375%.
Our promise is to provide a high level of service and work in your best interests:
- We have personalized customer service that aims to meet your personal needs
- Our member service team offers a local person to talk to and provide faster service
- You're a member, not just a number
- We try to make the home buying experience a great one – easy and stress-free
- We’ll never sell your loan and will retain servicing for the life of the loan
Yes, applying for a mortgage loan before you find a home may be the best thing you could do. When you apply in advance, you are issued a pre-approval letter subject to finding your new home.
You can use the pre-approval letter to assure your real estate agent that you are a qualified buyer and look in the right price range to fit your budget. Having been pre-approved for a mortgage may also give more weight to any offer you make.
There is no obligation to complete the mortgage or equity process once an application is completed.
There is no fee to modify your rate to a fixed rate after three years if you have selected the FlexChoice ARM option at the initiation of your mortgage.
Mortgage Resource Center
Free Home Buying Guide
“Your Home Loan Toolkit” can help you shop for a mortgage with confidence
Written by the Consumer Financial Protection Bureau (CFPB), this toolkit serves as a step-by-step guide to help you find your best mortgage.
APR = Annual Percentage Rate.
*Purchase for primary, second, and investment properties in Texas only. Minimum 620 credit score required. $100,000 minimum loan amount for ARM loans, $50,000 minimum loan amount for conventional fixed-rate loans. $726,200 maximum loan amount.
**Purchase for primary, second, and investment properties in Texas only. Minimum 720 credit score required for FlexChoice option. Modification rates are based on the current market at the time of conversion. Must be in ARM product for a minimum of 3 years prior to modification. After 3 years you have the option to modify your loan after three years to a fixed-rate loan based on the current market rate at that time. No modification fee is charged.
If not currently a Members Choice member, a $5 deposit is needed to establish membership. All memberships and lending products are subject to approval including credit approval.