Adjustable Rate Mortgage Definition

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An adjustable rate mortgage is a loan that bases its interest rate on an index. The index is typically the Libor rate, the fed funds rate, or the one-year treasury bill. An ARM is also known as an adjustable rate loan, variable rate mortgage, or variable rate loan. Each lender decides how many points it will add to the index rate.

The interest rate that you secure when you first get an adjustable rate mortgage is called the initial rate. In many cases, the lender may offer a fixed rate for a period before the adjustment period begins. pennymac, for example, offers adjustable rate loans with 3, 5, 7, and 10 years of an initial fixed rate.

An adjustable-rate mortgage, or ARM, is a home loan that starts with a low fixed-interest "teaser" rate for three to 10 years, followed by periodic rate adjustments.

A teaser loan. teaser rates in a few different ways. Some ARM mortgages will begin with the teaser rate, which is a low promotional interest rate. This rate can be charged during all or a portion.

It’s bad form to get caught by surprise when your adjustable-rate mortgage, or ARM, resets. Here’s how to not let it happen to you. First, you have to know what "reset" means. By definition, the rate.

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A fixed rate mortgage has the interest rate and payment set for the term of the loan. An ARM will have the interest rate adjusted, typically once a year, based on .

An adjustable-rate mortgage (ARM) is a loan in which the interest rate may change periodically, usually based upon a pre-determined index. The ARM loan may include an initial fixed-rate period that is typically 3 to 10 years.

Per Chimera’s website, here is the definition of these securities. For agency residential mortgage backed securities, the investments are on variable rate securities, mostly adjustable rate.

Definition. A 5 Year ARM is a loan with a fixed rate for the first five years. After that, it has an adjustable rate that changes once each year for the remaining life of the loan. Because the interest rate can change after the first five years, the monthly payment may also change.