Adjustable Rate Mortgages (ARMs)

These mortgages combine features of both fixed-rate and adjustable-rate home loans, giving you the opportunity to pay a fixed interest rate for the first several years before the mortgage readjusts. These hybrid options can make sense if you plan on selling your home or refinancing soon after the fixed-rate period ends.

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  • Choose from 5/1, 7/1 and 10/1 options, meaning you pay a fixed rate for the first five, seven or 10 years before your rate becomes adjustable
  • Typically lower interest rates at the beginning of your term
  • Get more flexibility in your budget but make sure you have an appropriate financial cushion if the interest rate adjusts upward
  • Fully amortizing