An adjustable-rate mortgage offers a starting interest rate that is fixed for a certain amount of time, and then the rate adjusts on a schedule through the remaining loan term. For example, a 5/5 ARM means the initial rate is fixed for five years and then adjusts every five years after that.

When your rate adjusts, it may go up or down so your monthly payment may also go up or down. The amount it adjusts will be based on a market index chosen by your lender and will reflect current market interest rates.

To protect you from large changes in your rate and payment, there is a:

• 2% cap on how much your rate can adjust the first time (after the first five years)
• 2% cap on much your rate can adjust each time on the schedule (every five years)
• 5% lifetime cap on how much your rate can adjust in total over the 30-year loan term

An adjustable-rate mortgage is a great choice in a few situations, especially if you plan to own your home for a short time:

• When market rates are high, the starting rate for an ARM is usually lower than the rate offered for a conventional fixed-rate 30-year home loan so you can afford a mortgage more easily.
• If you're planning to sell your home, move, or refinance in the short-term, then you can enjoy the low starting rate while you're in your home and you won't be affected by the future adjustments.
• This is often useful for members of the military, who may move towns frequently.
• If you know your income will rise in future then you'll easily be able to manage any potential increase in your rate and payment, while saving more money in the short term.
• If you stay in your home long term and market rates go down in future, your rate and payment will also go down without the need for a refinance.

You'll get a competitive APR based on your credit score, debt-to-income (DTI) ratio, and overall financial situation. Higher scores get lower rates.

The annual percentage rate (APR) includes any points, fees, or other charges you pay to get the loan while the interest rate does not.

Locking in your rate means your initial ARM interest rate won’t change between the offer and closing as long as you close within the specified time frame and do not make changes to your application.

We keep our overhead costs to a minimum and our not-for-profit business model means we can pass revenue back to members through lower rates and higher yields.

For a quick estimate you can use your online calculator. Our mortgage lending team will be able to give you the best idea of this number when they know more about your finances and lifestyle.

• How Much Home Can I Afford Calculator

Yes, you can use our mortgage calculator to get an estimate of what your mortgage payment will be. Please remember that there are many factors in a mortgage and mortgage payment and any advanced calculations are just estimates.

• Adjustable-Rate Mortgage (ARM) Calculator
• Fixed Rate Mortgage Calculator

You can apply online here or by calling 855-913-6193 to speak with a mortgage professional.

The application itself takes 15 to 20 minutes. You can talk to a member of our mortgage team to find out when you're likely to get a response on your application.

You can talk to a member of our mortgage team to find out if now is the best time for you to purchase a home.

You should apply to be pre-approved when you’re ready to start shopping. Knowing how much you’ve been pre-approved for will help you in your search for a new home. Pre-approvals last for three months and can be re-approved if you are still shopping.

Getting pre-approved helps you understand exactly how much home you can afford which aids in narrowing down your home search and gives you more power as a buyer.

A pre-qualification is based on the information you submit and is not a firm offer. A pre-approval is based on verified data (like a credit check).

Your closing costs may include appraisal fees, title searches, title insurance, origination fees, lender fees, taxes, etc.

To provide the best support possible, we have partnered with Credit Union Mortgage Association (CUMA), an organization that provides mortgage origination, processing, and servicing services to members of credit unions just like ours.

The CUMA staff is eager to support your mortgage needs and operates on Topside’s behalf to make your mortgage process as smooth as possible.

Worried that your loan is not really with the Credit Union? Don’t be – the Credit Union is ready to be your lender, relying on CUMA’s expertise to service your loan post-closing.

Your Topside mortgage account and details will be available on the CUMA site and you make payments online here.

We worked with CUMA to put a list together for you!

• Mortgage Application Documentation Checklist

Yes!

• Mortgage Process
• First Time Home Buyer Process
• Insurance Guide
• Simple Tips for a Smoother Mortgage Transaction
• Mortgage Application Documentation Checklist

Yes, you do need to become a member. You can find out if you're eligible and then we can help you with your membership application and give you advice about your home loan at the same time!