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If you don't plan on staying in the house for very long, or if you're going to refinance after a few years, an adjustable-rate mortgage might start off at a lower interest rate, decreasing your monthly payments. ARM rates are based on an index plus a margin, so your payments can rise and fall throughout the term of your loan. We offer a 5/6-month option—the first numeral (5) is the years a fixed rate will be in effect.
After five years, the rate goes variable—decreasing or increasing every six months according to an index & margin—potentially raising or lowering your payments.