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Financing Your Purchase > Types of Mortgages > Adjustable Rate Loans

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"God, please just give us one more real estate boom."
- Steve Hewson

Adjustable Rate Mortgage:



The interest rate on these loans is adjusted up or down periodically based on financial market indexes (such as Treasury bills). Monthly payments start lower than for fixed-rate mortgages. The initial rate is set for a specified period-1, 3, 5, 7, or 10 years-and then rates adjust at regular intervals. The adjustments generally are limited by both annual caps and a life-of--the-loan cap. Credit scores of 740 or better will get the best rates.

Hypothetical Home Cost: $400,000
Down payment: $80,000
Mortgage Amount: $320,000
Term of Loan: 30 years
ARM Type: 5/1 ARM
Interest Rate: 4.875%(until first rate adjustment)
Monthly Payment: $1,693.50 (until first rate adjustment)
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