In an effort to better serve the homebuying needs of members, Credit Union of Southern California (CU SoCal) has expanded its mortgage solution options to include interest only adjustable-rate mortgage loans.
Available in five- and seven-year terms, the new interest only ARMs from CU SoCal are available as purchase or refinance loans for primary residences up to $3 million, and up to $2.5 million on second homes. Minimum FICO and reserve requirements apply.
Those interested in CU SoCal’s new I/O ARMs can call 800.698.7196 to speak to Real Estate Loan Consultants who are ready to help match borrowers to the loan program that best fits their situation.
“For homebuyers with strong cash reserves and the intention to own a property short term, our new interest only ARM loans are a great solution. They offer a low rate and monthly payment, helping buyers preserve cash flow for other purposes,” said Dave Gunderson, CU SoCal Chief Executive Officer and President.