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Adjustable Rate Home Mortgage An adjustable rate home mortgage (ARM) "floats" or fluctuates with changes in interest rates. Typically, adjustable rate mortgages begin with a short period in which the rate is fixed (usually 3 to 10 years). When this length of time has passed, your interest rate will change at intervals which are decided ahead of time. At these adjustment periods the rate you pay will rise and fall along with whatever index your rate is tied to. To put it simply: if interest rates go down, your payment will go down also.