Is an adjustable rate mortgage right for you?
With Rocket Mortgage® by Quicken Loans, our fast, powerful and completely online way to get a mortgage, you can find out which loan option is right for you.
Not comfortable starting online? Answer a few questions, and we’ll have a Home Loan Expert call you.
Mortgage Rates as Low as 3.625% (4.693% APR)
- Do you want to significantly reduce the cost of your mortgage?
- Do you plan to move or refinance in the next 5, 7 or 10 years?
- Do you want the lowest mortgage rate available?
If you answered yes to any of these questions, an adjustable rate mortgage might be right for you! Whether you choose the 5-year, the 7-year or the 10-year adjustable rate mortgage, you’ll get the lowest rate we offer and save thousands over a traditional fixed-rate mortgage during the initial fixed-rate period. Afterwards, the rate may change once per year.
Why You Should Choose Quicken Loans
- You’ll get a completely online application process with less paperwork, and you can track the status of your mortgage application.
- Our Home Loan Experts are available to answer your questions and help you understand the details so you get the right mortgage for you.
- After you close your loan, you can manage your mortgage online without any hidden fees.
- We service 99% of our mortgages, which means you can expect our great customer service to continue after you close.
How It Works
Adjustable Rate Mortgage Qualification Requirements
- Refinance up to 95% of your primary home’s value
- Buy a home with as little as 5% down (primary home)
How Adjustable Rate Mortgages Work
- Interest rates are fixed for a period of 5, 7 or 10 years. After the fixed-rate period, your interest rate may change once per year – either up or down depending on market conditions.
- Rate changes are capped at 5% above your initial fixed rate and 2% or 5% per adjustment period, which means you’re protected. For example, if your initial interest rate is 2.99%, your rate will never be higher than 7.99%, and it will never rise more than 2% per year after the fixed-rate period.
- Your actual payment will vary based on your situation and the current interest rates when you apply.
- You can pay your mortgage at any time without prepayment penalties.
- FHA and VA ARMs are also available for those who want the flexible guidelines of an FHA or VA loan.
- Mortgage rates could change daily.
- Actual payments will vary based on your individual situation and current rates.
- Some products may not be available in all states.
- Some jumbo products may not be available to first time home buyers.
- Lending services may not be available in all areas.
- Some restrictions may apply.
- Based on the purchase/refinance of a primary residence with no cash out at closing.
- We assumed (unless otherwise noted) that: closing costs are paid out of pocket; this is your primary residence and is a single family home; debt-to-income ratio is less than 30%; and credit score is over 720, or in the case of certain Jumbo products we assume a credit score over 740; and an escrow account for the payment of taxes and insurance.
- The lock period for your rate is 40 days.
- The loan to value (LTV) ratio is 75%. If LTV > 80%, PMI will be added to your monthly mortgage payment, with the exception of Military/VA loans. Military/VA loans do not require PMI.
- Please remember that we don’t have all your information. Therefore, the rate and payment results you see from this calculator may not reflect your actual situation. Quicken Loans offers a wide variety of loan options. You may still qualify for a loan even if your situation doesn’t match our assumptions. To get more accurate and personalized results, please call (800) 251-9080 to talk to one of our mortgage experts.