Coastal Credit Union
Coastal Credit Union

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ADJUSTABLE RATE MORTGAGE

Maximize purchasing power with a lower rate and lower initial payment.2
GET RATE QUOTE

Enjoy a lower rate mortgage

    OUR ADJUSTABLE RATE MORTGAGES FEATURE

    FLEXIBLE RATES
    Maximize your purchasing power with a lower rate and lower initial payment!
    Local Servicing
    Unlike other lenders, we don’t sell your mortgage servicing.
    Low Fees
    Our lower fees make for easy,
    low-stress closings.
    Up to 105% LTV

    Flexible Terms and Rates to Fit Your Budget and Lifestyle

    • Our 7/1 ARM, and 30 Year Fixed features no down payment options with up to 105% Loan to Value (LTV)1 on home purchases
    • Save more money every month with no Private Mortgage Insurance (PMI) requirement!
    • ARMs maximize purchasing power with a lower rate and lower initial payment. Rate will change, depending on market conditions, after your introductory term of 5, 7 or 10 years
    • Underwriting fee of just $950 and no charges for document prep or credit reports mean substantial savings
    • Loan amounts up to $726,200
    • We also offer 5/1, 5/5, 7/1 and 10/1 ARMs. Rate is fixed for 5, 7 or 10 years before adjusting every year or every 5 years

    • See what documents you’ll need with our Mortgage Application Checklist.

    Resource Center

    Considering Homeownership

    More than 70% of Americans consider homeownership to be an important part of the American Dream but buying a home can be one of the most expensive, albeit rewarding, decisions you’ll ever make.

    All About Mortgages - What You Need to Know

    For a majority of people in the U.S., buying a home is a big part of the American Dream. But how many years would it take to save up the lump sum you’d need to pay for a house in full?

    I have always gotten excellent service from each person I have worked with. I have also received the best interest rate for my mortgage.
    Coastal Member

    Frequently Asked Questions

    With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest rate can change periodically based on the ARM program chosen, in relation to an index. While the monthly principal and interest payments made on a fixed-rate mortgage are stable, payments on an ARM loan are likely to change.
    A pre-qualification is a basic review of your finances to determine if you would qualify for a mortgage. In general, a pre-qualification is based on unverified information you provide and does not include a credit check. This is only an estimate of the amount you would qualify to borrow based on stated income and debts and is not a firm guarantee of a loan. You will need to submit a formal application to obtain a pre-approval letter to be able to make an offer on a home.
    A pre-approval is a conditional commitment, in writing, for a specific loan amount issued by a lender. Unlike a pre-qualification, a pre-approval requires a completed loan application as part of this process for the lender to check your credit, verify your income and employment, and confirm the amount you qualify to borrow. A pre-approval can show sellers that you're serious about buying a home. Once the lender has pre-approved you for the loan, a formal letter will be provided with the terms of the loan to submit with your offer
    We offer competitive rates on all our products. Current purchase rates can be found on our Coastal 24 website at https://www.coastal24.com/Resources/Information-Tools/Rates/Mortgage-Rates. For refinance rates, please visit our Mortgage Rates page and click on Get Your Refinance Rate Quote to submit a form for a custom rate quote.
    An individual who has not owned a principal residence in the last three years is considered to be a first-time homebuyer. If there is a co-borrower, only one occupying borrower is required to be a first-time homebuyer. An individual who is a displaced homemaker or single parent also will be considered a first-time home buyer if he/she had no ownership interest in a principal residence (other than a joint ownership interest with a spouse) during the preceding three-year time period.
    All FAQs

    1. Up to 105% loan to value (LTV) financing on home purchases. Up to home’s purchase price or appraised value, whichever is less. For loans with an LTV exceeding 100%, borrower must establish direct deposit and have a qualifying Coastal deposit account in addition to the Primary Share account.

    For a $400,000 loan and a term of 7/1 ARM with a 6.125% initial interest rate, the APR for this loan type is 6.0%, subject to increase.  Based on current market conditions, the monthly payment schedule would be 84 payments of $2,430.44. Taxes and insurance are not included in this payment example, the actual payment obligation will be greater.

    For a $400,000 loan and a term of 5/1 ARM with a 6.125% initial interest rate, the APR for this loan type is 6.0%, subject to increase.  Based on current market conditions, the monthly payment schedule would be 60 payments of $2,430.44. Taxes and insurance are not included in this payment example, the actual payment obligation will be greater.

    For a $400,000 loan and a term of 10/1 ARM with a 6.25% initial interest rate, the APR for this loan type is 6.0%, subject to increase. Based on current market conditions, the monthly payment schedule would be 120 payments of $2,462.87 . Taxes and insurance are not included in this payment example, the actual payment obligation will be greater.

    2.  All loans are subject to approval. Additional product restrictions, terms, and conditions may apply. Membership eligibility required.

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