Adjustable Rate Mortgages

Adjustable Rate Mortgages (ARM) are ideal for homeowners who may move soon, pay off the home loan quickly or are willing to take the risk that the rate will adjust lower in the future.

How does an Adjustable Rate Mortgage work?

This mortgage offers a lower initial interest rate/APR than fixed loans and the rate can adjust periodically. This means your monthly payments could be higher or lower throughout the life of the mortgage.

You have several options available for how long the initial lower rate will be in place. Once that time period is over, the rate can change every year. The rate changes based on market conditions, using an index published in the Wall Street Journal. So if the index rate goes down, your monthly payment may go down, depending on the type of Adjustable Rate Mortgage you select. Even though the rate can change throughout the mortgage, there are limits, or caps, on how much the rate can increase or decrease.

Redstone has a variety of Adjustable Rate Mortgages. Your loan officer can help you select the right one for your unique situation.

Why should I choose Redstone Adjustable Rate Mortgage?

  • Various terms available
  • Competitive rates
  • Rate changes occur at ARM program chosen intervals depending on the specific ARM program
  • Monthly principal and interest payment will change when the rate changes
  • Easily apply online, over the phone, or in person by scheduling an appointment at 256-882-8500.

 

Mortgages are only available for properties located in Alabama and Tennessee.

Must be an RFCU member to obtain a loan. Must be eligible for membership and open a share savings account. A minimum balance of $5.00 is required to open and be maintained in share savings account. Fees and other restrictions may apply. All loans subject to credit approval. Rates, terms, and conditions are subject to change without notice. RFCU is an Equal Credit Opportunity Lender. Rates are determined by an evaluation of applicant credit at account opening. Your rate may be different. Fixed rates remain fixed for the life of the loan and adjustable rates are subject to change after consummation. Various Mortgage programs and terms are available. Must create separate user name and password to gain access to mortgage application process.

Apply for a Mortgage Today

It's easy to apply online!

Apply

Or meet the members of our dedicated team of Mortgage Loan Originators.

Meet Our Team

Tired of Your House?

Now may be the time to sell your existing home and buy your dream home. Download the guide for more info.

download ebook

Have Questions about Mortgages?

View the Mortgage Center, contact us online, or call us at:

256-882-8500 (Huntsville area)
800-234-1234 x8500 (toll free)
Monday - Friday: 9 a.m. – 5 p.m.

Mortgage Calculator

Get calculators, rates and much more in the Mortgage Center.

Need Home Insurance?

Redstone members can get special savings on home insurance.

Get a Quote Now