Adjustable Rate Mortgage
- Offers a lower initial rate than a fixed-rate mortgage
- Interest rate stays the same for an initial period, then adjusts annually thereafter
- Several ARM options including 3/1, 5/1, 7/1, and 10/1
- Receive up to a $500 gift card at closing*
Our adjustable rate mortgage programs may help you enjoy a lower rate. For more information, contact ETFCU today at (812) 469-9928 or 1-800-800-9271.
*Gift card offer is available on financing of purchase or construction loans for primary residences only. Purchase or construction loan amounts up to $149,999 will receive a $250 gift card. Purchase or construction loan amounts of $150,000 or greater will receive a $500 Gift Card. Not valid in combination with any other offer.
- Prior two years addresses and dates of residence.
- Social Security number or tax ID.
- Driver’s license or state issued identification card.
- Prior two years employment information including employer contact and dates of employment.
- Most recent W2 and pay stub for all income sources.
- Two years federal tax returns, including tax applicable schedules if you are self-employed, have rental income, farm income or additional non-W2 reported income.
- Alimony, child support or separate maintenance documentation if you wish to have it considered as basis for repaying this obligation.
- Additional information may be required such as Divorce decree (if applicable) and/or proof of extra income such as rental income, dividends, Social Security, retirement, disability, pension, or welfare (supporting documentation is required).
- Balance owed on all liens attached to the property including all mortgages as well as any home equity loans or lines of credit.
- Most recent mortgage statement (if applicable).
- Most recent property tax bill.
- Most recent hazard insurance declaration page.
- Most recent flood insurance declaration page (if applicable).
Rates accurate as of October 1, 2020 and are subject to change throughout the day. All mortgage rates include Extra Credit Discount.
Loans are subject to credit review and approval. Closing costs may apply. A sample principal and interest payment on a (30)-year $150,000 adjustable-rate loan amount with a 3.125% interest rate (3.214% APR) and 20% down is $514.05. Taxes and insurance are not included; therefore, the actual payment obligation will be greater. Actual interest rate may vary based on credit history. An ARM is an adjustable-rate mortgage that has an initial interest rate for the first three, five, seven or ten years and an adjustment interval of one year thereafter. The 7/1 product listed above is a 30-year loan where the initial interest rate is fixed for the first seven years (84 payments). After the initial seven year period, it is possible that the interest rate, APR and payment may increase substantially over the remaining term of the loan. After the initial seven year period, your interest rate can increase or decrease annually based on the average of interbank offered rates for one-year U.S. dollar-denominated deposits in the Secured Overnight Financing Rate (SOFR) index as published on the New York Federal Reserve website, plus our margin, which varies among ETFCU adjustable-rate mortgage products. Any change may significantly impact your monthly payment. This offer is available on conventional conforming financing of purchases for primary residences only. Contact an ETFCU mortgage loan officer for details. Gift card offer is available on financing of purchase or construction loans for primary residences only. Purchase or construction loan amounts up to $149,999 will receive a $250 gift card. Purchase or construction loan amounts of $150,000 or greater will receive a $500 Gift Card. Not valid in combination with any other offer. ETFCU mortgage lending product availability may vary based on property location.