Adjustable-Rate Mortgage

Increase your purchasing power with a lower rate.

Flexible financing for your home

Here's how an Adjustable-Rate Mortgage (ARM) could help you bank better:

  • A good choice if you plan to sell, refinance or pay off your home within 10 years
  • ARMs maximize purchasing power with a lower rate and lower initial payment
  • Rate is fixed for 5, 7 or 10 years before adjusting every year or every 5 years (known as our 5/1, 5/5, 7/1 and 10/1 ARMs)
  • Rate will change, depending on market conditions, after your introductory term of 5, 7 or 10 years
  • A cap on the rate protects you from drastic increases
  • This mortgage is eligible for an annual Loyalty Bonus payout 

Just the Facts

Why Choose an ARM?

We believe North Carolina homeowners like you deserve more options when financing their homes. A Coastal ARM could help increase your purchasing power and reduce your monthly payments. If you plan to live in your home for 10 years or fewer, an ARM could provide flexibility you won’t get with a fixed-rate mortgage.

You'll always be working with your neighbors at Coastal because we never sell your mortgage to another institution for servicing. And as a not-for-profit credit union, we keep our underwriting fees as low as possible and there are no fees for document prep or checking credit reports. Just more ways we offer a better way to bank.

Earn more cash back when you shop.

I was able to buy my first home on my own without using all of my savings.
Margaret H.

Frequently Asked Questions

The primary savings is considered the membership account which provides our members with voting rights at the credit union and will always need to remain open and active as long as there are share products or loan products listed under the housing account.

There are two options to make principal only payments. (Excludes first mortgages and VISA Credit Cards)

You can pay an extra amount at the same time you make your regularly scheduled payment. The extra amount paid will automatically be applied to the principal balance. The regular payment and the extra amount must be applied on the same date with this option.

You can make principal only payments at other times as long as your loan is current. Please note, a principal only payment will not advance your due date, and will not take the place of normal monthly payments.

When mailing a check for principal only payments, clearly indicate in the memo section of the check, "PRINCIPAL ONLY" and the account number. Any payment applied as principal and interest, that is not notated "PRINCIPAL ONLY", cannot be reversed and reapplied later.

Please send payment to:
Coastal Federal Credit Union:
ATTN: Payments/Deposits:
PO BOX 58429, Raleigh NC 27658-8429

Please email with any questions.

Yes, if you wish to add more funds to your loan or increase it in anyway a new application will need to be submitted

You do not need to have a first mortgage with Coastal to obtain a HELOC.

Coastal only issues 1098 Mortgage Interest Statements for accounts that paid $600 or more in interest during the calendar year. The exact amount of interest paid on your mortgage loan is listed on your December statement.

All loans are subject to approval. Taxes and insurance are not included in this payment example and that the actual payment obligation could be greater. 

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