Adjustable-Rate Mortgage

Adjustable-Rate Mortgage

Providing Flexibility for Homeowners

An adjustable-rate mortgage (ARM) is a loan term option with interest rates that can change periodically after the initial fixed-rate period. After this introductory period, monthly payments are susceptible to increases or decreases based on market fluctuations, which can also affect the monthly payment.

Adjustable-Rate Mortgage Highlights

An ARM might be the right option for you if you plan on moving within 7 years since they feature lower introductory interest rates. If interest rates are expected to fall, a homeowner could potentially reduce their monthly payments with the lowered interest rates. Highlights of an adjustable-rate mortgage include:

  • Lower initial monthly payments
  • Possibility to qualify for higher loan amounts
  • Rates and Payments may decrease based on the index rate

If you are interested in an adjustable-rate mortgage, please contact your local Fairway mortgage professional.

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