Adjustable-Rate Mortgage
will always stay the same.
What is an adjustable-rate mortgage?
An adjustable-rate mortgage is a home loan where the interest rate is fixed for a set period of time and then changes periodically. Because it depends on many different market factors, that change in rate may fluctuate—meaning sometimes you’ll pay more for your adjustable-rate mortgage and sometimes you’ll pay less.
What are the benefits of an adjustable-rate mortgage?
- Enjoy lowest possible rates during the initial fixed period
- Qualify with a lower interest rate for more benefits
- Choose a fixed-start period of 5, 7 or 10 years
What are the current rates for an adjustable-rate mortgage?
Adjustable-mortgage rates change all the time based on the index tied to the particular mortgage.
How do I qualify for an adjustable-rate mortgage?
Qualifying for an adjustable-rate mortgage is simpler than you might think. We’ll simply check a few things such as your credit score before determining what loan program might work best for you.
Some adjustable-rate requirements
- Ideally, a credit score of 740 or higher
- Suggested down payment between 5 and 20%
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