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.
How You Save with an Adjustable Rate Mortgage, or ARM
- Your starting interest rate is typically lower than other kinds of loans
- Mortgage rates as low as 3.875% (4.854% APR)
- Monthly mortgage payments are more affordable during the first years
- Buy a home that’ll be your primary residence with a down payment as low as 5% plus closing costs
- Refinance up to 95% of your current home’s value
The Benefits of Getting a Loan from Quicken Loans
- You get a completely online application supported by real people when you need them.
- 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.
- We don’t charge you to make your mortgage payments online.
How It Works
The Different Types of Adjustable Rate Mortgages
- The interest rate on your ARM can be fixed for 5, 7 or 10 years.
- An ARM is an option you can get with an FHA loan.
- Qualified veterans, service members and spouses can get an ARM with a VA loan.
How Adjustable Rate Mortgages Work
- Your interest rate is fixed for a period of 5, 7 or 10 years.
- After that, your interest rate may change annually. It can go up or down depending on the market.
- That means your monthly mortgage payment can go up or down.
- If it goes up, the percentage is added to the fixed interest rate you had.
- No more than 5% can be added to the fixed interest rate you had.
Learn About Adjustable Rate Mortgages
- Understanding Adjustable Rate Mortgages: ARM Basics
- What’s the Difference Between Adjustable Rate and Fixed-Rate Mortgages?
- Read more about our mortgage rate types in our Home Buyer’s Guide
- 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.