{"id":8100,"date":"2018-04-12T16:19:40","date_gmt":"2018-04-13T00:19:40","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=8100"},"modified":"2023-03-21T09:57:53","modified_gmt":"2023-03-21T16:57:53","slug":"what-is-an-adjustable-rate-mortgage","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/mortgages\/adjustable-rate-mortgage\/","title":{"rendered":"What Is An Adjustable-Rate Mortgage?"},"content":{"rendered":"<ul class=\"list--introStyle list--iconCaret accent--isGreen\">\n<li>An adjustable-rate mortgage (ARM) is a loan that has an interest rate that can rise or fall over time.<\/li>\n<li>It is different from a fixed-rate mortgage, which has an interest rate that never changes.<\/li>\n<li>What does that mean in real-world terms? It means that with an adjustable-rate mortgage, your monthly <a href=\"https:\/\/www.credible.com\/mortgage\">mortgage<\/a> payment can change, which could put an unexpected strain on your finances.<\/li>\n<\/ul>\n<h2>Advantages of an ARM mortgage<\/h2>\n<p>With all of the uncertainty surrounding an ARM mortgage, you might wonder why anyone would want one. However, there can be benefits to variable-rate mortgages.<\/p>\n<p>When you are <a href=\"https:\/\/www.credible.com\/mortgage-refinance\">shopping for mortgages<\/a> and you compare rates on ARM loans to fixed-rate mortgages, ARM loans generally have lower interest rates during the initial period of the loan. So the ARM loan will have a lower monthly mortgage payment, and the difference may even allow you to qualify for a higher loan amount or a more expensive house.<\/p>\n<div class=\"perfect-pullquote vcard pullquote-align-right pullquote-border-placement-left\" style=\"border-color:#5cc1a7 !important;font-size:20px !important;\"><blockquote><p style=\"font-size:20px !important;\">The interest rate on an adjustable-rate mortgage loan can not only go up, it can also go down.<\/p><\/blockquote><\/div>\n<p>Another benefit of adjustable-rate mortgages is that not only can your rate go up, it can also go down. This was the case for many borrowers who took out ARM loans before interest rates plummeted in the aftermath of the housing crash. When interest rates fall, you\u2019ll <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-get-the-best-mortgage-rate\/\">save money on interest with a variable-rate mortgage<\/a>.<\/p>\n<p>However, while it\u2019s likely you will start off paying less in interest for an adjustable-rate mortgage, you may end up paying more down the road. Adjustable-rate mortgages will typically stay fixed for a set period of time, such as three or five years. Once the initial period is over, you have no control over whether the rate rises, falls or stays the same.<\/p>\n<p>Another downside is the fact that adjustable-rate mortgages can wreak havoc with your financial planning. Since you don\u2019t know what the rate will be down the road, the amount you\u2019ll pay for your mortgage long-term is unpredictable.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;background: #fde7e3;\"><div class=\"basic-box__inside\"><strong>Ready to see if refinancing is right for you?<\/strong> Compare rates from multiple lenders, in 3 minutes. <a href=\"https:\/\/www.credible.com\/mortgage-refinance\"><strong>Get Your Rates<\/strong><\/a><\/div><\/div>\n<h2>ARM rates are unpredictable<\/h2>\n<p>When you first get an adjustable-rate mortgage, you don\u2019t have to worry immediately about rising rates. Instead, you get a period of time to enjoy a fixed rate before the ARM adjusts and the rate changes. Three, five, seven and 10-year terms are all common periods of time for an ARM mortgage to stay at the initial, fixed rate. A <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/5-1-arm\/\">5\/1 ARM<\/a> is an adjustable-rate mortgage that has a five-year fixed rate period, as indicated by the first number. After that, the rate can change every year, as indicated by the second number.<\/p>\n<div class=\"perfect-pullquote vcard pullquote-align-right pullquote-border-placement-left\" style=\"border-color:#5cc1a7 !important;font-size:20px !important;\"><blockquote><p style=\"font-size:20px !important;\">ARM rates track benchmark interest rates that are indicative of general conditions in the market.<\/p><\/blockquote><\/div>\n<p>So how does a lender determine whether your interest rate will rise or fall? ARM rates typically follow the fate of an index, which is a benchmark interest rate that is indicative of <a href=\"https:\/\/www.credible.com\/blog\/student-loans\/choosing-fixed-or-variable-rate-student-loan\/\" target=\"_blank\" rel=\"noopener noreferrer\">general conditions in the market<\/a>. Commonly used indexes for ARM loans include government Treasury notes, the London Interbank Offered Rate (LIBOR), and the Prime Rate.<\/p>\n<p>Your lender will let you know which index your rate is tied to. The interest on your loan will be whatever the index rate is, plus a margin added by the lender. For example, if your margin is three percentage points and the index has a rate of 1.5%, then your interest rate would be 4.5%. If the index rate rises to 1.75% then your ARM interest rate would rise to 4.75%.<\/p>\n<h2>How high can my ARM loan rate go?<\/h2>\n<p>While your adjustable-rate mortgage\u2019s interest rate can rise, there is some good news: there are some limitations, or <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/interest-rate-cap\/\">caps<\/a>, to how fast and high it can increase.<\/p>\n<ul class=\"list--iconCheckmarkEmptyCircle accent--isGreen\">\n<li>Periodic rate caps keep the rate from rising beyond a predetermined point from year to year.<\/li>\n<li>Lifetime rate caps put a lid on how high the rate can rise over the entire loan period.<\/li>\n<li>Payment caps put limits on how high your monthly mortgage payment can rise over the life of the loan.<\/li>\n<\/ul>\n<p>However, keep in mind that some ARMs also have limits on how low your interest rate can go, as well.<\/p>\n<h2>Choose your mortgage carefully<\/h2>\n<p class=\"featured-box featured-box--isGreen\">So should you get an adjustable-rate mortgage? If you\u2019re not planning to stay in the house for 30 years and you think you will sell it before the mortgage adjusts, it might be a great option that can save you money over a fixed-rate mortgage.<\/p>\n<p>You may also be able to refinance your loan before it adjusts, but you have no way of knowing today what fixed rates will be when you refinance at a later date. Refinancing may also be difficult at a later time if your house declines in value or if your financial situation changes and you can\u2019t get approved for a loan.<\/p>\n<p>Only you can determine whether an adjustable-rate mortgage is for you. Before choosing an ARM loan, find out when and how often the rate may change, as well as if there are any caps. Then, ask yourself if you could afford to <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/pay-off-mortgage-faster\/\">pay the mortgage<\/a> if the rate reached its peak. If you can\u2019t afford that payment, an adjustable-rate mortgage may not be a risk that you want to take.<\/p>\n<p>If you\u2019re seriously considering an ARM loan, check out these <a href=\"https:\/\/www.consumerfinance.gov\/ask-cfpb\/if-i-am-considering-an-adjustable-rate-mortgage-arm-what-should-i-look-out-for-in-the-fine-print-en-1947\/\" target=\"_blank\" rel=\"noopener noreferrer\">tips from the Consumer Financial Protection Bureau<\/a> on what to look for in the fine print.<\/p>\n<p><div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><\/p>\n<h3><span style=\"font-size: x-large;\"><strong>Credible makes finding a mortgage easy<\/strong><\/span><\/h3>\n<h6 class=\"accent--isGrayLight\">Compare prequalified mortgage rates from top lenders in just 3 minutes.<\/h6>\n<ul class=\"list--iconArrow accent--isGreen list--iconCheckmarkSolidCircle\">\n<li>Personalized rates, not generic<\/li>\n<li>One simple, safe TLS-encrypted form<\/li>\n<li>No spam calls from lenders<\/li>\n<li>Checking rates is free, with no commitment<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/mortgage\/form\/property-stage?utm_source=wp-credible&amp;utm_medium=mp-box-cta&amp;utm_campaign=seo\" target=\"_blank\" rel=\"noopener\">Find My Rate<\/a><br \/>\n<!-- TrustBox widget - Micro Combo --><\/p>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div>\n<p><!-- End TrustBox widget --><\/p>\n<p><\/div><\/div><\/p>\n\n<p>To see what your mortgage payment would look like at different interest rates, use our mortgage calculator. Simply enter in your loan information in the fields below to get started.<\/p>\n<div class=\"calculator loan\">\n<div class=\"inputs container\">\n\n\t<p>Enter your loan information<span class=\"hidden-md-up\"> to calculate how much you could pay<\/span><\/p>\n\n  <div class=\"row form-groups\">\n  <div class=\"col-xs-8 col-lg\">\n    <div class=\"form-group\">\n  \t\t<label for=\"loan-amount\">Loan amount<\/label>\n  \t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n  \t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter the total amount borrowed<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t  \t\t<\/span>\n  \t\t<span class=\"input-group loan-amount\">\n  \t\t\t<span class=\"input-group-addon\">$<\/span>\n  \t\t\t<input type=\"number\" value=\"250000\" step=\"1000\" name=\"loan-amount\" id=\"loan-amount\" aria-label=\"Loan amount\" class=\"form-control\" inputmode=\"numeric\" pattern=\"[0-9]*\">\n  \t\t<\/span>\n    <\/div>\n  <\/div>\n  <div class=\"col-xs-6 col-lg\">\n    <div class=\"form-group\">\n  \t\t<label for=\"interest-rate\">Interest rate<\/label>\n  \t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n  \t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter your annual interest rate<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t  \t\t<\/span>\n  \t\t<span class=\"input-group interest-rate\">\n  \t\t\t<input type=\"number\" value=\"6\" step=\".01\" min=\".01\" max=\"100\" name=\"interest-rate\" id=\"interest-rate\" aria-label=\"Interest rate\" class=\"form-control\">\n  \t\t\t<span class=\"input-group-addon\">%<\/span>\n  \t\t<\/span>\n    <\/div>\n\t\t<span class=\"between\">or<\/span>\n  <\/div>\n  <div class=\"col-xs-6 col-lg\">\n    <div class=\"form-group\">\n  \t\t<label for=\"loan-term\">Fixed loan term<\/label>\n  \t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n  \t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter the amount of time you have to repay your loan<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t  \t\t<\/span>\n  \t\t<span class=\"input-group loan-term\">\n  \t\t\t<input name=\"loan-term\" value=\"30\" step=\"1\" min=\"1\" max=\"50\" id=\"loan-term\" aria-label=\"Loan term\" type=\"number\" class=\"form-control\" inputmode=\"numeric\" pattern=\"[0-9]*\">\n  \t\t\t<span class=\"input-group-addon\">years<\/span>\n  \t\t<\/span>\n    <\/div>\n\t<\/div>\n\t<\/div>\n\n<\/div>\n<div class=\"outputs container\">\n\n  <div class=\"results row\">\n  <div class=\"col-xs-6 col-sm-4 col-md-6 col-lg-4\">\n  \tTotal Payment\n  \t<big>$<span class=\"total-payment\"><\/span><\/big>\n  <\/div>\n  <div class=\"col-xs-6 col-sm-4 col-md-6 col-lg-4\">\n  \tTotal Interest\n  \t<big>$<span class=\"total-interest\"><\/span><\/big>\n  <\/div>\n  <div class=\"col-xs-12 col-sm-4 col-md-12 col-lg-4\">\n  \tMonthly Payment\n  \t<big>$<span class=\"monthly-payment\"><\/span><\/big>\n  <\/div>\n  <\/div>\n\n  <p class=\"results-sentence\">\n    With a\n    <strong>$<span class=\"output-loan-amount\"><\/span><\/strong>\n    home    loan, you will pay\n    <strong>$<span class=\"monthly-payment\"><\/span><\/strong>\n    monthly and a total of\n    <strong>$<span class=\"total-interest\"><\/span><\/strong>\n    in interest over the life of your loan. You will pay a total of\n    <strong>$<span class=\"total-payment\"><\/span><\/strong>\n    over the life of the\n    mortgage.\n  <\/p>\n\n  \n  <div class=\"cta\">\n    \n  <\/div>\n\n<\/div>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>An adjustable-rate mortgage (ARM) is a loan that has an interest rate that can rise or fall over time. It is different from a fixed-rate mortgage, which has an interest rate that never changes. What&hellip; <a class=\"more \" href=\"https:\/\/www.credible.com\/blog\/mortgages\/adjustable-rate-mortgage\/\">Continue reading<\/a><\/p>\n","protected":false},"author":75,"featured_media":8109,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"inline_featured_image":false,"footnotes":""},"categories":[1463],"tags":[1524,1528,1533],"class_list":["post-8100","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages","tag-mortgage-purchase","tag-mortgage-rates-sidebar-no-table","tag-mortgage-types","what-is-an-adjustable-rate-mortgage","post_tag-mortgage-purchase","post_tag-mortgage-rates-sidebar-no-table","post_tag-mortgage-types"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What Is An Adjustable-Rate Mortgage? 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