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Is an adjustable rate mortgage right for you?

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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.

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How It Works

How Adjustable Rate Mortgages Work

Your interest rate is fixed for a specific period. After that, your interest rate may change annually depending on the market. That means your monthly mortgage payment can go up or down each year. Your rate won’t increase more than 5% of the original rate throughout the life of the loan.

A popular option is a 5/1 Adjustable Rate Mortgage, or ARM where your interest rate is fixed for 5 years.

The Different Types of Adjustable Rate Mortgages

  • FHA offers an ARM option
  • Qualified veterans, service members and spouses can eligible for an ARM with a VA loan

Key Benefits

How You Save with an Adjustable Rate Mortgage

  • Your starting interest rate is typically lower than other kinds of loans
  • Today’s low interest rate for a 5/1 ARM is 3.5% (4.217% APR)
  • Monthly mortgage payments are more affordable during the first years
  • Down payments can be as low at 5% on a home loan purchase
  • Refinance up to 95% of your current home’s value

The Benefits of Getting a Loan from Quicken Loans

  • Complete your application completely online and speak to a real person if you need help.
  • Home Loan Experts are available via chat, email and phone to help you understand whether an ARM is right for you.
  • We service 99% of our mortgages, so our great customer service continues after you close.
  • After you close your loan, you can manage your mortgage online without any hidden fees.

Other Popular Loan Options

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