A combination fixed- and adjustable-rate loan — also called 3/6, 5/6 or 7/6 — that 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 5/6 loan has a fixed monthly payment and interest for the first five years and then will adjust and is subject to further adjustments every six months after the initial fixed period. It's a good choice for people who expect to move or refinance around the time the adjustment occurs.