Adjustable-Rate Mortgage

Lock in a lower interest rate on your terms

HELOC

12-month introductory fixed rate as low as 3.99% APR* then an ongoing variable rate as low as Prime minus 0.25%*

Choose from 3/1, 5/1, 7/1 or 10/1 ARMs

Competitive mortgage interest rates save you more

We'll help you find the home loan that fits best

Advantages of Adjustable Rate Mortgages (ARMs)

Adjustable-Rate Mortgages (ARMs) from MECU Credit Union come with lower initial interest rates for a specific period, leading to affordable monthly loan payments for Maryland members.

  • Great low mortgage rates
  • Down payments of 5% to 20%1
  • 0.25% rate discount for homes purchased in Baltimore City or first-time home purchases in Baltimore City or Baltimore County1
  • Low loan closing costs
  • We'll help you find homebuying grants and incentives that provide down payment assistance

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

Frequently Asked Questions

Quickly and easily estimate your monthly mortgage costs by using our calculator.

When determining a mortgage, first decide how much you can comfortably afford, factoring in:

  • mortgage loan payment (principal and interest)
  • property taxes 
  • insurance
  • any HOA fees
  • miscellaneous funds for maintaining your home

Try our mortgage calculators.

To qualify for an FHA loan, your credit score should be 500 or higher, with verifiable steady income, and a debt-to-income (DTI) ratio usually below 43%. You will also be required to make a down payment of at least 3.5% up to 10%, depending on your credit score. It's best to submit a prequalification request to determine if you meet the requirements for this government-backed loan.

The cost of refinancing your mortgage varies depending on your lender, location, and loan details. Typically, refinancing costs range from 2% to 6% of your total loan amount. Most lenders will allow you to roll the closing costs into the new loan, but you'll pay interest on the closing costs over the life of your loan. Try our mortgage calculators.

Guiding you home with confidence.

Mortgage Calculator
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Mortgage Resource Center
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How to Brace for Rising Home Costs
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Money Market Account
Grow Your Balance with Higher Rates

Earn more on higher balances while keeping your funds accessible.

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1 Private Mortgage Insurance may be required with less than 20% down. Buying Into Baltimore and First-Time Homebuyer rate discounts not available on all loan types, such as FHA loans. Discounts cannot be combined. See rate and payment examples

Handbook on Adjustable Rate Mortgages
Adjustable Rate Pricing Disclosure
Home Mortgage Disclosure Act (HMDA) Notice

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