Adjustable-Rate Mortgage
A WEOKIE Adjustable Rate Mortgage offers lower initial rates and monthly payments, so you can save in the short term – ideal if you plan to sell, move, or refinance.
See How an Adjustable-Rate Mortgage Can Work for You
Low Initial Rates and Payments
Enjoy a lower APR for the first five years of your loan compared to a regular fixed-rate mortgage.
Achieve Your Short-Term Goals
Use your fixed period to build equity or boost income – or maybe you'll sell, move, or refinance.
Rates May Adjust Up or Down
After your initial period, there are caps on how much your rate can go up – and rates may go down.
More Borrowing Power
When your rates and payments are lower, you can afford to borrow more for your dream home.
Afford Your Dream Home With An Adjustable-Rate Mortgage
An ARM gives you more purchasing power.
The 5/5 Adjustable Rate Mortgage Offers:
- Rate adjustments are capped to keep your mortgage affordable.
- Rate adjustments only occur once every five years on the 10-year, 15-year, 20-year, and 30-year terms.
- The maximum increase of just 2% per rate adjustment (lifetime maximum adjustment varies by term).
- Low down payments.
- Purchase or refinance.
- Flat $750 origination fee.
We want to be certain that our members have the best opportunity to make informed decisions when it comes to Mortgage Lending.
Details About Adjustable-Rate Mortgages in Oklahoma
WEOKIE's 30-Year 5/5 Adjustable-Rate Mortgage (ARM) is our most popular loan right now because it offers a far lower starting rate than a regular 30-Year Fixed-Rate Loan.
- A 5/5 ARM has a fixed rate for five years, then adjusts every five years.
- Lower rates mean you can buy a home sooner and build equity faster.
- Lower monthly payments mean more borrowing power.
- When rates adjust, they may go up or down with the markets.
- You may also choose rate adjustments every 5, 10, or 15 years.
- Our origination fee is only $750.
- Up to 100% home purchase and 95% cash-out financing are available to our best-qualified borrowers.
ARMs can be complex, but a WEOKIE mortgage specialist will work closely with you to be sure to understand all the terms and conditions that can impact your payment now and in the future. Enjoy local servicing and expert guidance when you choose WEOKIE as your lender!
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See How an Adjustable-Rate Mortgage Can Work for You
Step 1
Apply Online:
Gather your information and documents, then use our simple and secure portal to get started.
Step 2
Get Pre-Qualified:
We'll look at your financial situation and offer you a loan amount and rate for your chosen ARM.
Step 3
Find A Home:
Go house hunting with your financing ready, then we'll help you close and start payments!
"WEOKIE FCU is by far one of the best credit unions I have been with for a little over a year and plan to be with them for many more years to come. They have so much to offer as far as great loan rates, mortgages, different accounts with some awesome benefits and so much more. I give WEOKIE a 10/10 and would recommend to anyone being a member here! The team is also very friendly and is like a family to me!"
Kimberly Keith
WEOKIE is proud to provide services through our trusted partners.
First Rate Title Company
In search of quick and affordable title services? First Rate Title is a full-service title company owned and operated by local credit unions - including WEOKIE.
MemberHaven Insurance Agency
Looking for great coverage at a great value? MemberHaven provides insurance coverage that is tailored to your needs and represents the best value.
FAQs
You get an initial interest rate that is fixed for a set period, and this rate is typically lower than regular fixed-rate mortgages. Your monthly payments are likely lower in the beginning, too. After that, your rate adjusts with the markets on a schedule of your choosing.
We want to ensure that our members have the best opportunity to make informed decisions, and the mortgage lending experts with WEOKIE are always available to guide you through the process.
- The ARM interest rate resets on a pre-set schedule, typically every 5, 10, or 15 years.
- Rates change with market shifts, so they may go up or down – along with your monthly payments.
- Interest rate caps set a limit on how high your interest rate can go.
- Up to 100% home purchase and 95% cash-out financing are available to our best-qualified borrowers.
We want to ensure that our members have the best opportunity to make informed decisions, and the mortgage lending experts with WEOKIE are always available to guide you through the process.
Buying a house is pricey, even when you’re in an affordable market like OKC. An Adjustable-Rate Mortgage (ARM) can make things a little more reasonable when market interest rates are higher.
- Enjoy a lower initial interest rate and lower monthly payment in the beginning period of your loan term.
- This is ideal for people who plan to sell, move, or refinance in the short term before your rate starts adjusting.
- It's also a good choice if you know your income will rise in the future.
- Lower rates may also help you build equity faster because more of your payment is going to your principal.
- Keep in mind that rates may also go down in the future, not up, so you will save money without needing to refinance your mortgage.
You can use our purchase calculators to see how much monthly payment and purchase price you can afford.
Our experts are here to guide you through the mortgage process! Luckily, the ARM process is much the same as for a regular 30-year, fixed-rate loan.
First, choose your loan type based on:
First, choose your loan type based on:
- Your income
- Your down payment
- How long you're planning to stay in your home. For example, an ARM is great if you're staying in your home for a short time only
- Whether you want a shorter loan term and higher payment to pay off your loan faster, or a longer loan term and lower payment to make monthly budgeting easier
- We'll process your application, verify all your documents, and request proof of income.
- We need to order an appraisal of the home and a title search to check for any liens, plus check your flood certification if needed.
- When all this is done, we complete the underwriting process to finalize your loan approval.
- Then we close on your mortgage!
The documents you need may vary depending on your situation, but here's our handy checklist so you can prepare:
- Your current residence address, or addresses, for the past two years
- Social Security numbers for all borrowers
- Your employment history for the past two years – you'll need your employer(s) name, address, and phone number
- Income information for all borrowers – you'll be asked to include salary, overtime, bonuses, commissions, interest/dividend, retirement income, and any other regular source of income
- Details about your rental or home ownership history
- If you own any other real estate, we'll want to know the address, current market value, amount you owe, amount of rental income you receive (if any), and what your monthly payment is
- Information about your current debts – we'll ask for the name of the creditor, the account number, the current balance owing and the amount of your monthly payment