Adjustable Rate Mortgages

An Adjustable Rate Mortgage (ARM) typically offers a lower initial interest rate than a fixed-rate mortgage. The interest rate is fixed for an initial time period; after the initial period, ARms adjust up or down periodically, depending on how interest rates have moved since the loan was taken out and according to the annual and lifetime caps (maximums) and the floor (minimum) as set forth in the specific loan terms.

An ARM may be right for you if you plan to stay in your home for a short period of time, if you want to qualify for a larger mortgage amount because you expect your income to go up over time.

3 Year Adjustable Rate Mortgage
This adjustable rate mortgage (ARM) offers a fixed payment for the first three years; after the initial three years, your payment can adjust up or down annually thereafter depending on market conditions.

5 Year Adjustable Rate Mortgage
This adjustable rate mortgage (ARM) offers a fixed payment for the first five years; after the initial five years, your payment can adjust up or down annually thereafter depending on market conditions.

7 Year Adjustable Rate Mortgage
This adjustable rate mortgage (ARM) offers a fixed payment for the first seven years; after the initial seven years, your payment can adjust up or down annually thereafter depending on market conditions.