Adjustable Rate Mortgage

Get your foot in the door with lower initial payments

Good beginnings

Lower initial rates can add up to big savings over a period of years.

Long-term protection

Caps built into your mortgage limit future rate increases.

Friendly insights

Our Home Loan Consultants can explain the details and help you decide if ARMs are a good fit for you.

It's no secret that homes are expensive. But there's a way to cut costs that appeals to many buyers. An Adjustable-Rate Mortgage features lower initial rates for a certain time period, leaving you with more money for renovations, furniture, and other life priorities.

  • Interest rate and monthly payment are fixed for an initial time period
  • Initial interest rate typically is lower, which means lower starting monthly payment
  • Rate caps limit how much rates can increase in one year or over the life of the loan
  • Adjustable-rate mortgages are good choices if you expect to refinance or move before the introductory period ends or you expect your household income to rise    
  • Refinancing options available 

 

Sikorsky Credit Union has been named the #1 Credit Union in CT for the past five years and offers membership to those living, working, volunteering or worshiping in Fairfield, New Haven & Hartford counties.

Frequently Asked Questions

A lender will look at your credit and work history, income, and assets to determine the maximum purchase price/loan amount you are qualified for based on current market interest rates. Once you get pre-approved, you’ll receive a letter stating how much you are qualified for (based on the information you provided). 

It is important to remember that the amount you are qualified for can change if your circumstances change or if interest rates change. A mortgage pre-approval is very helpful when establishing your budget, and it makes you more attractive to sellers. If you are searching for new home, it makes sense to get pre-approved and provide your Real Estate Agent with your pre-approval letter so they can start showing you homes.

The mortgage pre-approval process is a much more thorough review of your finances. Your loan officer will pull and review your credit and complete a comprehensive review of your work history, income documentation (W-2’s, tax returns), and available assets (bank and investments statements). Getting pre-approved will help you make an offer with confidence knowing the lender has most of the information needed to make a loan decision that is not associated with the property (i.e., appraisal, title search, homeowner association rules).

Getting pre-approved at Sikorsky Credit Union is quick and easy! Some of the documents you will want to get ready include:

  • Personal identification
  • Most recent month of pay stubs
  • Last two months of bank and asset statements (all pages)
  • W-2's from the last two years

Once you have everything you need, you can contact a Home Loan Consultant directly to schedule a face-to-face appointment at one of our branch offices. Or, if you prefer, you can apply online and someone will be in touch. Our Home Loan Consultants live and work in the communities we serve and offer personalized service tailored to your individual needs. They will be with you from start to finish to answer any questions you may have and guide you along the way. Once you are pre-approved, you will receive your letter and you can let your home buying journey begin.

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