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Adjustable Rate Mortgages (ARMs)

With an adjustable rate mortgage, the interest rate and monthly payments can change as interest rates change. The rate is fixed initially and is subject to adjustment based on changes in the index associated with this product. The 3/1 and 5/1 ARM products use the Constant Maturity Treasury (CMT) index. The big benefit to the borrower is that usually ARMs have interest rates (at least initially) that are lower than the rates on fixed rate mortgages. Sometimes it can be up to 1% less.

Adjustable rate mortgages are attractive because of their lower initial rate .If you anticipate your income will increase in the future or if you plan on staying in your home for five years or less, an Adjustable Rate Mortgage (ARM) may be a great option for you.

  • 3-year and 5-year fixed rate periods
  • No pre-payment penalties
  • California properties: primary residences, second or vacation homes, 1-4 unit dwellings and investment properties
  • Conforming loans
  • Jumbo loans

Check Today's Mortgage Rates

Comparing a 3/1, 30 year mortgage and a 5/1, 30 year mortgage ARM


3/1  ARM

5/1 ARM

Mortgage amount



Interest Rate



Monthly Payments



Total monthly payments over the term of the mortgage



Total principal paid over the term of the mortgage



Total Interest paid over the term of the mortgage



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See our Mortgage Financial Education Module for more information.
Rates and terms subject to change without notice. Additional conditions may apply