Terms and conditions of Adjustable Rate Mortgages (ARMs) are similar to those for variable rate loans except that the interest rate is fixed for 3-year or 5-year periods. At the end of the fixed rate period the rate converts to the Four Points ARM rate in effect at the time of adjustment.

Four Points ARM loans differ from conventional ARM loans in that there is no external index or margin. The rate is established by the Four Points Board of Directors.

Conventional real estate loans for owner-occupied property may be made up to 80% of the appraised value of the property.

The maximum length of term on first mortgage loans is 30 years. Mortgage Calculator

Financing of non-owner occupied rental properties is much the same as for residences, with the exception that maximum loan to value is 75%. The maximum term is 15 years with a balloon and payments may be amortized for 25 years.

Closing costs are quite low compared to the costs normally associated with fixed rate real estate loans. There are no points or origination fees. There is a loan processing fee of $225.00. Other costs are normally limited to the actual cost of appraisal, title insurance, filing, flood plain certification, and a closing agent if closed outside of the credit union office.

Real estate loan applications are not available on line.
Please call 800-323-2786 or 402-431-5180 for information.

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