ADJUSTABLE RATE MORTGAGES

These increasingly popular ARMS—also called 3/1, 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans.

For example, a “5/1 loan” has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years.

It’s a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

Not sure which program is right for you? Work with one of our loan officers today to get pre-qualified and find the loan that best meets your needs.