Not all mortgages are created equal — and that’s the point! At Utah First Credit Union, our adjustable-rate mortgages (ARMs) give you a lower starting interest rate and the chance to save big in the early years of your loan. That means more money for furniture, landscaping, or a celebratory housewarming taco bar, if that’s your jam.
At Utah First, we make mortgages feel less “meh” and more “heck yes!” by helping you understand your options and feel confident in your choice. Whether you’re a first-time homebuyer or refinancing your current place, our friendly mortgage team will guide you through every step — answering questions, demystifying the fine print, and helping you choose a loan that fits your life.
An adjustable-rate mortgage is a home loan that starts steady and becomes a little more flexible down the road. You’ll lock in a fixed rate for the first 5, 7, or 10 years, and once that set period ends, the rate adjusts annually or semi-annually for the rest of your loan based on what’s happening in the market.
People like these types of mortgages for their:
You’ll see ARMs labeled as “5/6 ARM” or “7/6 ARM.” The first number is the fixed-rate period in years (or how long your rate is locked in), and the second number is how often it can change afterward — every 6 months in this example.
When that fixed period ends, your rate adjusts based on a market index (like the SOFR or Treasury rate) plus a set margin. Rates can go up, but most ARMs have built-in caps so you’re protected from wild, sky-high jumps.
We’re glad you asked! An adjustable-rate mortgage might be a smart move if:
Still debating? Our local mortgage experts can help you weigh the pros and cons, acting as your personal “should I/shouldn’t I” sounding board.
It’s simple! Around here, banking is personal, and helping you land the right home loan is just one of the ways we make life better. We want to know you, including your plans, quirks, and “someday” goals, and be a meaningful partner in your financial story.
Here’s what you can expect when you work with us:
We’re in it for the long haul, not just the loan. So when you’re ready for a mortgage partner who remembers your name and your big picture, you know where to find us.
Let’s see if an ARM is right for you. Our mortgage pros will give you the straight story, answer your what-ifs, and guide you through your choices without the hard sell.
An ARM is the type of home loan that starts steady and then flexes — and at Utah First Credit Union, we can help you get one! You’ll start with a fixed interest rate for the first few years (usually 5, 7, or 10), then it adjusts at set times based on the market.
Utah First fixed-rate mortgages are the “forever the same” type, which means your interest rate is locked in for the entire loan. ARMs from Utah First are more “low now, adjust later.” That can mean a lower starting rate than fixed loans, which is perfect if you plan to move or refinance before the changes kick in.
After the fixed-rate period ends, your interest rate and monthly payment may move up or down with the market — but no free-fall surprises here. Utah First ARMs have built-in caps so changes stay in a safe zone, even if the market gets dramatic.
It can be! An ARM might be a great fit if you:
Our team will help you figure it out and keep the process as stress-free as possible. Connect with one of our mortgage specialists today!