Adjustable Rate Mortgages in RI, MA, & CT

Benefits of ARMs

If you are looking for a lower initial payment and are less concerned about your payment increasing in future years, take a look at our adjustable rate options. 

Providing Southern New England with Adjustable Rate Mortgages

A couple sitting on their couch with their dog

5/1 Adjustable Rate Mortgage

A convenient mortgage for buyers looking for a lower initial payment for the first five years of the mortgage term. After the five year period, the rate will be adjusted once per year.

7/1 Adjustable Rate Mortgage

A great mortgage option for buyers who would like to lock in a lower payment for the first seven years of their mortgage term. After the seven year period, the rate will be adjusted once per year.

A couple cooking in a kitchen.
A couple in their bedroom with their 2 dogs.

10/1 Adjustable Rate Mortgage

A perfect mortgage for buyers looking for a lower initial payment for ten years of their mortgage term. After the ten year period, the rate will be adjusted once per year.

Adjustable Rate Mortgage

ProductInterest RatePointsAPR*Apply
10/1 ARM6.125%06.333%Apply Now
7/1 ARM6.00%06.322%Apply Now
5/1 ARM5.875%06.286%Apply Now

*Annual Percentage Rates (APR) are lowest available and subject to change without notice. Rate may increase after closing. Account subject to individual approval. Conditions and/or restrictions may apply. Rates do not take into consideration possible adjustments based on applicant’s credit score, loan-to-value, combined loan-to-value, occupancy, appraised value, down payment, property type, property use and loan purpose. Property insurance (and flood insurance if applicable) required.  Payment amounts shown do not include taxes and insurance premiums which will result in a higher actual monthly payment. Mortgage insurance required if loan to value exceeds 80%.

  • 10/1 Adjustable Rate Mortgage at 6.125% (6.333% APR): 360 monthly payments of $6.08 per $1,000 borrowed
  • 7/1 Adjustable Rate Mortgage at 6.000% (6.322% APR): 360 monthly payments of $6.00 per $1,000 borrowed
  • 5/1 Adjustable Rate Mortgage at 5.875% (6.286% APR): 360 monthly payments of $5.92 per $1,000 borrowed


Meet our Mortgage Advisor Team

Still have questions? Schedule a free consultation with one of our Mortgage Advisors.

Whether you are buying or refinancing, our Mortgage Advisors are available to assist you in finding the program that’s right for you. Check the background of your professional Mortgage Advisors by visiting NMLS® Consumer Access.

Portrait of Diane Crosby, Mortgage Loan Officer

Diane Crosby

Mortgage Advisor
Phone: 401.619.1764
dcrosby@peoplescu.com
NMLS ID#1247496

Portrait of Kari Reardon, Mortgage Loan Officer

Kari Reardon

Mortgage Advisor
Phone: 401.619.1762
kreardon@peoplescu.com
NMLS ID#715427

Portrait of Donald Nessing, Mortgage Loan Officer

Donald Nessing

Mortgage Advisor
Phone: 401.619.1763
dnessing@peoplescu.com
NMLS ID#18358

Frequently Asked Questions

Typically, the Mortgage process takes from 45 to 60 days for purchase and refinance loans.  The closing date on a purchase transaction is dictated by the purchase and sale agreement. 

First and foremost People’s does not collect any fees for you to apply.   Closing costs vary depending on the type of mortgage and the amount of the mortgage you apply for, and will vary based on your situation.   Fees are broken down into categories. For example, fees may be charged by outside venders for the Credit Report, Appraisal, Attorney Fee, Tax Service, or a Flood Certificate. There are also fees collected by the town such as recording fees and taxes.  The only fees collected by People’s Credit Union are for underwriting the loan.

People’s Credit Union offers a full range of fixed and variable interest Mortgage Loans. Please visit our Mortgage page to learn more about our products and meet our Mortgage Lenders..

When you apply for a mortgage we must verify every statement made on the application relative to your income, debts, bank accounts, properties owned.  We have a team of knowledgeable mortgage professionals that will help you every step of the way.

We do sell and underwrite to secondary market (Fannie Mae) guidelines. However, we will service your loans, so you will always pay your mortgage directly to us.