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Adjustable Rate Mortgages

What is an Adjustable Rate Mortgage?

An adjustable rate mortgage, or ARM, starts with a low introductory interest rate for a set period of time, generally five or seven years. The rate, as well as the principal and interest payment, is fixed during that initial period, but after that time the rate adjusts up or down depending on the terms of the loan program and the index that it is tied to.

For example, with a 7/1 ARM the rate will be fixed for the first seven years and adjust annually each year thereafter.

Adjustable Rate Mortgages (ARM)

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