Are Adjustable Rate Mortgages A Good Idea

An Adjustable Rate Mortgage is a Good Idea When.. Adjustable rate mortgages can be a good choice for borrowers who anticipate financing a property for a relatively short period of time, say three to five years. ARMs can offer lower, "teaser" rates that are usually lower than fixed mortgage rates. And when caps are applied, an ARM may be the better overall choice.

The adjustable-rate mortgage (commonly known as the ARM loan) has an interest rate that will adjust or "reset" at a predetermined frequency – every three years, every five years, etc. This is very different from the fixed-rate mortgage loan, which holds the same interest rate over the entire life of the loan.

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Adjustable-rate mortgages typically have caps, which limit how high your rate can go. But caps are one of those seemingly minor mortgage details that, while explained at the closing table, tend to be forgotten once you’re in the house for a couple of years.

Don’t get caught up in the fact that adjustable rate mortgages are super low. So, too, is the 30-year fixed rate mortgage, and the latter comes with the kicker of no payment hikes in the future.

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With an adjustable rate mortgage, you can attain a low rate for a fixed period of time. Your low interest rate will stay fixed for a period of five to seven years before it adjusts up or down depending on the market at that time. So if you’re in need of a home loan, it’s a good idea to lock your rate in now!

An adjustable-rate mortgage, or ARM, might be a good idea if you’re only planning. What Is A 5 1 arm mortgage What Is A 5/1 Arm NerdWallet’s mortgage comparison tool can help you compare 5/1 ARMs and choose the one that works best for you.

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A hybrid adjustable rate mortgage can give you the security of knowing exactly what your payments are going to be throughout the loan’s fixed period. In the case of a 10/1 ARM, you’ll know just what the interest rate is for the initial decade.

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