Fixed/Adjustable Rate Mortgages

A perfect fit for borrowers who want an initial monthly payment lower than a fixed rate product typically offers.

  • Interest rate may change during the life of the loan.

  • Monthly payments may increase or decrease based on interest rate changes.

This may make the difference in being able to afford your first home or upgrade to a bigger home. Don't give up the security of a fixed payment during the first years of the mortgage.

Mortgage Period of Fixed Rate Period of Adj. Rate Adjustment Frequency
30-Year 3/3 3 27 Every 3 Years
30-Year 7/23 7 23 Every 12 Months
30-Year 5/5 5 25 Every 5 Years
30-Year 10/10 10 20 Every 10 Years

Fixed/Adjustable Mortgages

These loans offer a low rate that stays fixed for three to ten years, then converts to an adjustable rate.

Monthly payments that can increase or decrease when rates move up or down

ARMs or Adjustable Rate Mortgages have an interest rate that may change during the life of the loan and can impact your monthly principle and interest payment. ARMs from Provident come in different fixed rate periods and how often the rate may change. For example, our 5/5 product will have a fixed rate for the first 5 years of the loan and then adjust every 5 years thereafter.

ARMS are the perfect fit for borrowers who:

  • Think interest rates may go down in the future

  • Want an initial monthly payment lower than a fixed rate product typically offers

  • May move before the end of the initial fixed rate period

  • Are not concerned with interest rate changes

How much home can I afford?

Fixed/Adjustable Mortgages

APRs are based on a loan amount of $550,000.

Rates are valid as of and are subject to change.

Term in Years Discount Points Interest Rate APR Payment per $1,000 Disclaimers
3/330 Years 0.000% 5.375% 5.79% 5.60 CC, DD, EE, FF, S
1.000% 5.125% 5.82% 5.44
5/530 Years 0.000% 5.625% 5.97% $5.76 CC, DD, EE, FF, S
1.000% 5.375% 5.966% $5.60
7/2330 Years 0.000% 7.75% 7.269% $7.16 CC, DD, EE, FF, S
1.000% 7.5% 7.236% $6.99
10/1030 Years 0.000% 7.75% 7.396% $7.16 CC, DD, EE, FF, S
1.000% 7.5% 7.326% $6.99
  • CC) Discount points are paid to buy down the interest rates and are calculated as a percentage of the loan amount.
  • DD) Interest rate based on the above assumptions, and may be different than the rates displayed here. The interest rates, Annual Percentage Rates (APRs), discount points, and rebates shown are subject to change without notice.
  • EE) Payment per $1,000 balance is based on the interest rate listed for the amortization term listed, and is rounded to the nearest cent. Example: for a 30 year, $750,000 conforming mortgage with zero-points and a fixed rate of 5.875%, multiply 750 x $5.92 for an approximate payment amount of $4,536.53 (loan amount ÷ $1,000 x payment example = payment amount). The monthly payment amount shown includes principal and interest, and does not include amounts for taxes and insurance premiums, if applicable. Your actual monthly payment will be higher if an escrow account is established or required. Private mortgage insurance (PMI) is required on mortgages that exceed 80% loan-to-value (LTV), and would also increase the payment amount.
  • FF) All mortgage loans through Provident Credit Union are for homes in California only. Adequate property insurance required for the life of the loan. Flood insurance may be required. All loans subject to credit approval. Other restrictions may apply. Provident Credit Union NMLS #412725
  • S) APR - Annual Percentage Rate. Your APR will vary based on your final loan amount and finance charges. Your actual payments are based on the interest rate, not the APR.