Mortgage Loans
{"items":[{"heading":"Shred Day - Gray, TN","startDate":"September 28 at 8:00am ET","url":"/resources/seminars-events/tennessee/shred-day-gray,-tn","summary":"September 28, 2019 – 8AM - 12PM or until trucks reach maximum capacityGray Branch
384 Roy Martin Rd
Gray, TN 37615","lat":"","lng":""},{"heading":"Home Buying Seminar","startDate":"October 1 at 12:00pm ET","url":"/resources/seminars-events/tennessee/home-buying-seminar","summary":"October 1, 2019 — 6PM.
Northeast Tennessee Association of Realtors
105 Tri-City Business Park Drive
Johnson City, TN 37615","lat":"","lng":""},{"heading":"Shred Day - Gate City","startDate":"October 5 at 8:00am ET","url":"/resources/seminars-events/virginia/shred-day-gate-city","summary":"October 5, 2019 – 8AM-12PM or until trucks reach maximum capacityGate City Branch
265 Jones St.
Gate City, VA 24251 ","lat":"","lng":""},{"heading":"Social Security Seminar","startDate":"October 8 at 11:30am ET","url":"/resources/seminars-events/tennessee/social-security-seminar","summary":"October 8, 2019 — 11:30AM & 6:00PM
The Crown Center at Food City
1205 N Eastman Road
Kingsport, TN 37660","lat":"","lng":""},{"heading":"Social Security, Medicare, and Your Retirement","startDate":"October 15 at 6:00pm ET","url":"/resources/seminars-events/virginia/social-security,-medicare,-and-your-retirement-(1)","summary":"October 15, 2019 — 6PM
The Euclid Center at Food City
1320 Euclid Avenue
Bristol, VA 24201","lat":"","lng":""},{"heading":"Construction Seminar","startDate":"October 22 at 12:00pm ET","url":"/resources/seminars-events/texas/construction-seminar-(1)","summary":"October 22, 2019 — 6PM.
Courtyard by Marriott Longview North
1125 E Hawkins Pkwy
Longview, TX 75605","lat":"","lng":""},{"heading":"Social Security, Medicare, and Your Retirement","startDate":"October 22 at 6:00pm ET","url":"/resources/seminars-events/tennessee/social-security,-medicare,-and-your-retirement-(2)","summary":"October 22, 2019 — 6PM
The Depot at Food City
920 N State of Franklin Road
Johnson City, TN 37604","lat":"","lng":""},{"heading":"Social Security, Medicare, and Your Retirement","startDate":"October 22 at 6:00pm ET","url":"/resources/seminars-events/texas/social-security,-medicare,-and-your-retirement-(1)","summary":"October 22, 2019 — 6PM
Hampton Inn
3044 N Eastman Road
Longview, TX 75605","lat":"","lng":""},{"heading":"Shred Day - Kingsport, TN","startDate":"October 26 at 8:00am ET","url":"/resources/seminars-events/tennessee/shred-day-kingsport,-tn","summary":"October 26, 2019 – 8AM-12PM or until trucks reach maximum capacityMeadowview Branch
2021 Meadowview Lane
Kingsport, TN 37660 ","lat":"","lng":""},{"heading":"Health Care: Plan for its Cost in Retirement","startDate":"November 7 at 6:00pm ET","url":"/resources/seminars-events/tennessee/health-care-plan-for-its-cost-in-retirement","summary":"November 7, 2019 — 6:00PM
The Crown Center at Food City
1205 N Eastman Road
Kingsport, TN 37660","lat":"","lng":""},{"heading":"Home Selling Seminar","startDate":"November 12 at 12:00pm ET","url":"/resources/seminars-events/texas/home-selling-seminar-(1)","summary":"November 12, 2019 — 6PM.
Courtyard by Marriott Longview North
1125 E Hawkins Pkwy
Longview, TX 75605","lat":"","lng":""},{"heading":"Health Care: Plan for its Cost in Retirement","startDate":"November 12 at 6:00pm ET","url":"/resources/seminars-events/virginia/health-care-plan-for-its-cost-in-retirement","summary":"November 12, 2019 — 6PM
The Euclid Center at Food City
1320 Euclid Avenue
Bristol, VA 24201","lat":"","lng":""},{"heading":"Health Care: Plan for its Cost in Retirement","startDate":"November 14 at 6:00pm ET","url":"/resources/seminars-events/texas/health-care-plan-for-its-cost-in-retirement","summary":"November 14, 2019 — 6PM
Hampton Inn
3044 N Eastman Road
Longview, TX 75605","lat":"","lng":""},{"heading":"Health Care: Plan for its Cost in Retirement","startDate":"November 19 at 6:00pm ET","url":"/resources/seminars-events/tennessee/health-care-plan-for-its-cost-in-retirement-(1)","summary":"November 19, 2019 — 6PM
The Depot at Food City
920 N State of Franklin Road
Johnson City, TN 37604","lat":"","lng":""}]}

Features

An adjustable rate mortgage (ARM) offers lower initial rates and may be an excellent choice during times of high interest rates, rising income expectations or short-term homeownership.

An adjustable rate mortgage differs from a fixed-rate mortgage in many ways. Most importantly, with a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With what is referred to as a “hybrid” ARM, you have the benefit of features from both a fixed and adjustable rate product. The interest rate is fixed for a specific term based on the product you choose, (usually 5 or 7 years) and then adjusts annually in relation to an index. Payments may go up or down accordingly.

ARMs may be a great option depending on your circumstances. Your Mortgage Specialist will explain how the ARM works and help you understand the pros and cons.

  • Interest rate will be fixed for 5 to 7 years and then adjust annually
  • 15-, 20-, & 30-year terms available
  • Finance up to 95%* or 100% through the ECU 100 Mortgage
  • No prepayment penalty
  • Reduce your interest rate by paying discount points

Find a Loan Officer    

*Certain restrictions apply.  Example: 30-year fixed rate loan of $150,000 with a 10% down payment, an annual interest rate of 3.875%, and an APR of 3.984%, would result in a 360 monthly principal and interest payment of $705.36. Payment does not include amounts for taxes and insurance premiums. The actual payment will be greater if taxes and insurance are included.

Learn More:

  • Apply for a Mortgage

    Completing our online application is as easy as 1-2-3. Get started today!

  • ECU Title & Escrow

    ECU Title & Escrow is a full-service real estate settlement company that helps members complete the home buying or selling experience at an ECU branch.

  • Find a REALTOR

    Realtors are knowledgeable in many phases of the home buying and home selling process and can be a valuable resource to you.

  • Watch Mortgage Videos

    Have questions about purchasing, building or selling a home? Check out these helpful videos, covering a broad range of mortgage topics.

Adjustable Rate Mortgage Rates

Loan TermRateAPRPoints
5/1 ARM3.500%4.672%1.000%
7/1 ARM3.625%4.550%1.000%

Rates accurate as of September 11, 2019 and are subject to change.

All rates are subject to change without notice and will be based on your credit history, down payment amount, property type, loan purpose, etc. Rates are based on a purchase transaction with a 20% down payment. APR is based on $100,000 loan amount for an 80% LTV purchase and reflects any pre-paid finance charge.

Have Mortgage Questions?

Calculate Your Answers


So many financial decisions are involved when purchasing or refinancing a home. Should you buy or rent? Will refinancing save you money? How much would your monthly payments be? Our calculators are designed to answer these questions and more.

Mortgage Calculators

Compare Mortgages

Which loan is right for you? See the chart below for unique features of each. If you need help, please contact us or give us a call at 800.999.2328.

Loan TermMaximum Loan To ValueTermMortgage InsurancePrepayment Penalty
Fixed & Adjustable Rate Mortgages97.00%15/20/30 yearYesNo
Federal Housing Administration (FHA)96.50%15/30 yearYesNo
Veterans Administration (VA)100.00%15/30 yearYesNo
USDA100.00%30 yearYesNo
First Time Home Buyers Program105.00%30 yearNoNo
ECU 100 Mortgage100.00%15/20/30 yearNoNo
ECU Purchase Plus105.00%15/30 yearNoNo

FAQs

  • What is an Adjustable Rate Mortgage?

    An adjustable rate mortgage (ARM) is a home loan with an interest rate that can change periodically. This means the monthly payments can go up or down. An ARM begins with a lower interest rate, which means your monthly payment will be more affordable, at least for as long as the rate is fixed.

  • What does a 5/1 ARM mean?

    The most popular adjustable rate mortgage is the 5/1 ARM. The “5” in 5/1 means the ARM’s introductory rate lasts five years. After that, the interest rate can change every year. Some lenders offer 3/1, 7/1, and 10/1 ARMs.

  • How is the interest rate determined on an ARM?

    After the fixed period ends, an ARM’s interest rate moves up and down with the index interest rate which is set by market forces and published by a neutral party. To set the ARM rate, the lender takes the index rate and adds an agreed-upon margin.

  • Is there a limit to how much your payment amount can increase with an ARM?

    Yes. You’re protected from huge year-to-year increases in monthly payments because ARMs come with caps limiting the amount by which rates and payments can change.

  • Who should consider getting an ARM?

    Homeowners who want lower initial payments or a more mobile first-time homebuyer who plans to move in a few years. Also, if you’re advancing in a career that could require you to move to another city within a few years, an ARM could be a good choice.