Adjustable-Rate Loans

If you think you might move within 10 years or want lower monthly payments upfront, consider a 5/1 adjustable-rate mortgage (ARM). You'll lock in a low fixed interest rate for the first five years, along with fixed payments. 

Once the fixed term expires, the rates adjust every year. (That’s the “one” in 5/1.) The variable rate allows for a longer repayment period than with a fixed-rate mortgage, which could result in a lower monthly payment. 

Features & Benefits

• Lower initial rate than fixed-rate mortgage loan
• Interest rates rise and fall with the Prime index after initial term
• Rate and payment could increase (or decrease) with market changes
• Free prequalification