Q & A: Interest Rates

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  1. What are ARMs?

What are ARMs?

An adjustable rate mortgage (ARM) is loan with a variable interest rate that changes over the life of the loan. Usually an ARM starts at a set rate for a certain amount of time (for example, the first two years of the loan) and then the rate adjusts based on market indexes. Talk with your lender to learn more about ARM loans and meet with your financial advisor to see what type of mortgage loan is right for you.

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