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Adjustable Rate Loans

Also called ARMs (Adjustable Rate Mortgages), these loans are typically 30-year loans with the interest rate fixed for the first 1, 2, 3, 5, 7 or 10 years. Generally, the shorter the fixed rate term, the lower the interest rate. After the fixed rate period, the interest rate and payment will be recalculated every 6 or 12 months for the remainder of the term.

Why are ARMs offered?

Because, these days, most people do not stay in their homes for more than 5-7 years and most people now consider their mortgage financing to be a more active part of their financial planning, so most people refinance every 3-5 years.

Is an ARM best for you?

That depends entirely on your plans and planning horizon. It is recommended that the loan you select has a fixed rate component for a bit longer than your planning horizon.

Learn about other loan types...