Home Loans

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Home Loans

There's no place like home.

  • Lower starter rates make paying easier
  • No prepayment penalty fees

Adjustable Rate Mortgages (ARMs)

  • Available as 1/1 ARM, 3/1 ARM, 5/1ARM, or 7/1 ARM
  • Financing for co-ops, condos, and one- to four-family homes
  • Minimum loan amount of $35,000
  • Maximum loan amount of $750,000
  • Financing up to 80%
  • 30-year term for primary residences; 15-year term for second homes
  • ActorsFCU Savings (Share) Account required

1/1 ARM

  • Interest rate fixed for first year
  • Lifetime cap is your starter rate + 6%
  • Annual cap of 1%
  • Check rate chart for current starter rate
  • ActorsFCU Savings (Share) Account required

3/1 ARM, 5/1 ARM, 7/1 ARM

  • Interest rate fixed for first 3 years, 5 years, or 7 years, respectively
  • Lifetime cap is your starter rate + 6%
  • Annual cap of 1%
  • Check rate chart for current starter rate
  • ActorsFCU Savings (Share) Account required

Annual rate adjustment:

Regular ARM: lower of either ActorsFCU’s annual cap or by adding our margin of 2.5% to the one-year CMT (Constant Maturity Treasury)

Jumbo ARM: lower of either ActorsFCU’s annual cap or by adding our margin of 2.75% to the one-year CMT (Constant Maturity Treasury)

 

Benefits of ActorsFCU ARMs

  • Lower starter rates make it easier to start paying down the mortgage
  • Additional payments reduce the principal, which reduces the amount of interest paid over time and may reduce future payments 
  • If rates go down, ARMs are adjusted down. Fixed-rate mortgages are locked even if the average rates on mortgages drop
  • No prepayment penalty fees

 

Contact Lending Services Department for questions about mortgage terms and pre-qualification at 212.869.8926, Option 4

Pre-Approval applications and supporting documents should be emailed to: bmundy@actorsfcu.com

Home Equity Line of Credit (HELOC)

Terms:

  • Minimum credit line of $25,000 and maximum of $250,000
  • 20-year term with 5-year draw and 15-year payback
  • Adjustable rate based on prime
  • 75% LTV on houses, condos, and co-ops
  • Lifetime rate cap of 18%
  • Rates subject to change without notice
  • ActorsFCU Savings (Share) Account required

 

Contact Lending Services Department for current terms at 212.869.8926, Option 4

Adjustable Rate Mortgages (ARMs)

Term Starter Rate
1/1 ARM 2.49%
1/1 Jumbo ARM 2.99%
3/1 ARM 2.74%
3/1 Jumbo ARM 3.24%
5/1 ARM 2.99%
5/1 Jumbo ARM 3.49%
7/1 ARM 3.74%
7/1 Jumbo ARM 4.24%

 

Home Equity Line of Credit (HELOC)

Term Rate
20 Year Prime Rate for Life
Rates and terms subject to change without notice. As of 11/18/2017