Loan Program
Conventional Adjustable Rate (ARM)
Lower initial rate that adjusts after a fixed period.
What is a Conventional Adjustable Rate (ARM)?
An adjustable rate mortgage has a fixed introductory period (such as 5, 7, or 10 years), after which the rate adjusts periodically based on an index.
ARMs can be a fit for borrowers who plan to sell or refinance before the initial fixed period ends.
Key benefits
- Typically lower initial rate than a comparable fixed-rate loan
- Fixed introductory periods of 5, 7, or 10 years are common
- Rate adjustment caps limit how much the rate can change
Who qualifies?
- Borrowers comfortable with future payment adjustments
- Buyers with a defined time horizon for the property
Frequently asked questions
Looking for a different program? See all loan programs.
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