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No-Cost Adjustable Rate Mortgage

Come home to a no-cost loan

It's no secret that buying a home in California is challenging for many. In one of the most expensive markets in the nation, SMCU believes it's more important than ever to make many different financing options available. That's why we created our no-cost Adjustable Rate Mortgage.

How the No-Cost ARM works

  • You pay a slightly higher interest rate instead of paying closing costs (which are usually 1 percent of total loan amount).
  • All excess cash goes toward your down payment, which maximizes your purchasing power.
  • There are no pre-payment penalties.

Basic requirements/rules

  • Available on 30-year ARMs only (our other ARMs have different terms available)
  • Minimum loan amount is $200,000
  • All non-recurring closing costs are covered (recurring items such as mortgage insurance, property taxes, and flood insurance are not covered)
Not sure if a No-Cost ARM is right for you? Don't worry. When you have questions, our mortgage experts have answers.

Get in touch with an SMCU California mortgage expert

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(650) 363-1799 Get Preapproved Online
All mortgage loans through San Mateo 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 are subject to credit approval. Please speak with a Real Estate Representative for current rates and information on loan limits as additional conditions and restrictions may apply. San Mateo Credit Union NMLS #416747.
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