Adjustable Rate Mortgage (ARM)
It’s good to have options.
Rates as low as 6.25%
Lower monthly payments with no prepayment penalties
*5/1 Adjustable-Rate Mortgage (ARM): Finance Rates And APRs Are Valid As Of 09/01/2023 And Are Subject To Change Without Notice. As Of 09/01/2023, A Sample $100,000, 5/1 ARM Conforming Mortgage APR Is 6.25% with A Monthly Payment of $6.16 per Thousand. APRs Are Subject To Change. Estimated Monthly Payment Does Not Include Taxes And Insurance Premiums, And The Actual Monthly Payment Will Be Greater. Program Is Available In New Jersey And Eastern Pennsylvania For Single Family, Owner Occupied Homes And For 2-4 Family, Owner-Occupied Homes With A Minimum Loan Amount Of $100,000 And A Maximum Equal To Conforming Loan Limits. Mortgage Must Be In First Lien Position. First Adjusted Interest Rate Cap 2.00%, Subsequent Adjusted Interest Rate Cap 2.00%, Rate Adjustment Frequency of 12 Months.
Adjustable Rate vs Fixed Rate
Adjustable rate mortgages (ARM) and fixed rate mortgages are the 2 primary types of mortgages:
Adjustable Rate Mortgage (ARM)
The initial interest rate on an ARM is set below the market rate on a comparable fixed-rate loan, and then as time goes on, that rate rises. The biggest advantage of an ARM is that it is considerably cheaper than a fixed-rate mortgage.
ARMs are also attractive because their low initial payments often enable the borrower to qualify for a larger loan. A borrower who chooses an ARM may save several hundred dollars a month for up to seven years!
Fixed Rate Mortgage
A fixed-rate mortgage, or fixed mortgage, has an interest rate and monthly payments (loan premium and interest) that remain the same for the life of the loan.
Fixed-rate mortgages tend to have higher interest rates than adjustable-rate mortgages. It generally makes the most sense to choose a fixed-rate mortgage if you are buying a home that you plan to keep for many years. Our residential loan officers can help you decide which mortgage is right for your unique personal situation.
Rates Effective as of September 1st, 2023
North Jersey FCU reserves the right to change the rates without notice if necessary. There are times when this update may be experiencing technical difficulties and may not be able to be updated in a timely fashion. APR = Annual Percentage Rate. Restrictions may apply. Rate determined by credit score. Other rates may apply. We attempt to keep this page as updated as possible. However, from time to time system maintenance and other circumstances may prevent us from doing so. Therefore any rates quoted on this web page are subject to change. We are not financially responsible for typographical errors.
The information in the rate table below may not fully be viewable on certain smaller resolution devices. Please scroll the table contents or you can rotate your device to landscape orientation to ensure you are viewing the entire table contents.
|TERM||RATE||Points||APR*||Monthly Payment Per $1,000|
|30 Year Fixed||7.00%||0||7.10%||$6.65|
|20 Year Fixed||6.65%||0||6.78%||$7.54|
|15 Year Fixed||6.75%||0||6.91%||$8.85|
|10 Year Fixed||5.50%||0||5.72%||$10.85|
|5/1 Adjustable Rate Mortgage (up to 970,800)||6.25%||0||6.34%||$6.16|
|5/1 Adjustable Rate Mortgage (970,800 and above)||6.375%||0||6.47%||$6.24|
*30/20/15/10 year fixed rate
Finance rates and APRs are valid as of 09/01/2023, and are subject to change without notice. As of 09/01/2023, example $100,000, 15 year fixed-rate conforming mortgage APR is 6.91% with a monthly payment of $8.85 per thousand. APRs are subject to change. Estimated monthly payment does not include taxes and insurance premiums, and the actual monthly payment will be greater. Program is available in New Jersey and eastern Pennsylvania for single family, owner occupied homes and for 2-4 family, owner-occupied homes with a minimum loan amount of $100,000 and a maximum equal to conforming loan limits. There is no annual fee or prepayment penalty fee. Mortgage must be in first lien position. Other restrictions may apply. For questions, please contact our licensed mortgage lending originator at (973)785-9200. An Equal Opportunity Lender.
5/1 Adjustable-rate mortgage (ARM)
Finance rates and APRs are valid as of 09/01/2023 and are subject to change without notice. As of 09/01/2023, a sample $100,000, 5/1 ARM conforming mortgage APR is 6.34% with a monthly payment of $6.16 per thousand. APRs are subject to change. Estimated monthly payment does not include taxes and insurance premiums, and the actual monthly payment will be greater. Program is available in New Jersey and eastern Pennsylvania for single family, owner occupied homes and for 2-4 family, owner-occupied homes with a minimum loan amount of $100,000 and a maximum equal to conforming loan limits. Mortgage must be in first lien position. First adjusted interest rate cap 2.00%, Subsequent adjusted interest rate cap 2.00%, rate adjustment frequency of 12 months.
Come to North Jersey Federal Credit Union for your personalized Home Loan & Mortgage analysis today!
Additional Mortgage Products:
Fixed Rate Mortgage
Our mortgage team works with you to ensure that you get the options tailored to meet your needs.
We may be able to provide you with a lower monthly payment and put the family budget back on track.
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