Adjustable Rate Mortgages
Lower Initial Rate — Great for Shorter Time Horizons.
Adjustable Rate Mortgages
An Adjustable Rate Mortgage (ARM) offers a lower initial rate that's fixed for a set intro period (typically 3, 5, or 7 years), then adjusts annually based on a market index. ARMs can save thousands if you plan to sell, refinance, or pay off the loan before the fixed period ends.
Highlights
- 3/1, 5/1 and 7/1 ARMs available.
- Payment based on a 30-year repayment schedule.
- Rate fixed for the intro period, then adjusts annually.
- Often lower initial rate than a comparable fixed loan.
Best For
- Buyers planning to move or refinance within 5–7 years
- Borrowers expecting rising income
- Short-term ownership scenarios
How it adjusts
After the intro period, the rate resets annually using a market index plus a margin, subject to periodic and lifetime caps.
Rate caps
Typical caps limit the first adjustment, subsequent adjustments, and the total lifetime increase.
When it makes sense
If you're confident you'll exit the loan before the fixed period ends, an ARM can be significantly cheaper than a 30-year fixed.
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