1 An Adjustable Rate Mortgage is a variable rate loan product. During the initial term of the loan the rate will remain unchanged; after that, the rate is subject to adjust at a set interval.
2 An example of a typical 10/1 adjustable rate mortgage with a 2% down payment: Annual Percentage Rate (APR) of 6.616% for initial 120 months with monthly payments of $6.16 per $1,000 borrowed followed by 240 monthly payments calculated with an APR based on the market index plus a margin. After the initial fixed period of ten years, the interest rate and payment amount may change each year. APR referenced in the example is the lowest rate available as of 08/10/2023 and may vary based on loan amount, borrower credit, loan to value, property type, occupancy, etc. Terms and rates may change at any time.
3 Following the initial term, rate adjustments will occur as outlined in the loan documents with a 2% rate adjustment cap for each adjustment.
4 Following the initial term, rate adjustments will occur as outlined in the loan documents with a 6% rate adjustment cap over the life of the loan.
5 The calculator is provided for informational purposes only and any calculation is solely an estimate based on the information you provide. Contact Members Cooperative Credit Union at 1-800-296-8871 for more information.
Members Cooperative Credit Union lends to Minnesota and Wisconsin residents only and property used as mortgage security must be within the states of Minnesota and Wisconsin. Membership and loan approval required. Restrictions apply.
Home Mortgage Disclosure Act Notice
The HMDA data about our residential mortgage lending are available for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, and income of applicants and borrowers; and information about loan approvals and denials. Inquire at any branch office regarding the locations where HMDA data may be inspected.
Use of online or other electronic services may require specific hardware and software and your agreement to certain terms and conditions. Access is subject to the availability of the internet, cellphone and network coverage and plans, and typical service interruptions stemming from your providers or the credit union’s providers.