2317 Easton Avenue Bethlehem, PA 18017-5099 Phone 610-691-0041 Fax 610-691-8624 E-mail service@btcu.org

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Click here to find ATMs that charge no fees to BTFCU members.

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Click here to see BTFCU's Savings Accounts and Savings Rates.

Click here to see BTFCU's Loans and Loan Rates.

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Thursday:
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Serving Members Since 1935

Mortgages: Adjustable Rate (ARM)

Basically, with an adjustable rate loan, you and the credit union are sharing the risk of interest rate changes. That allows us to charge a lower rate than we do for a fixed-rate mortgage.

Each year, on the anniversary date of the mortgage, we calculate a rate for the upcoming year. If interest rates have gone up, your rate on the mortgage would go up by a maximum of 1 point. If rates go down and your rate is above the "floor" of the agreement, your rate will go down. This is all done without any refinancing charges or paperwork.

What determines the rate for the upcoming year? We take the current yield on US Treasury securities (adjusted by the treasury to a constant maturity of one year) as of the anniversary date and add the margin for your loan (the actual margin may vary based on your credit score).

What if interest rates go up? With a BTFCU Adjustable Rate Mortgage, the interest cannot rise more than 1% a year. Also, a maximum interest rate will be specified in the loan documents.

Highlights of the 1-Year Adjustable Rate First Mortgage Loan:

One year adjustable rate. Click here for the current rate.
Maximum loan to value = 80%
Index = the yield on U.S. Treasury securities adjusted to a constant maturity of one year, plus a margin (based on your Credit Score).
Maximum interest rate change per year = 1%
Maximum and minimum interest rates over the life of the mortgage are set in the loan contract.
Maximum loan term = 30 years
Commitment Fee (Points) = 1.5%.
Application/Appraisal Fee = $325.00.
Title Insurance is required.

Program eligibility requires a Credit Union Membership. Rates are subject to change at the board's discretion without notice.

The Adobe® Acrobat® Reader is required to read and fill out the Loan Application form. You may already have Acrobat installed on your computer. If you don't, you can download it at no cost from the Adobe Web Site (http://www.adobe.com/products/acrobat/main.html).

Click the button at left to see the current loan interest rates at Bethlehem Teachers Credit Union.