Understanding an Adjustable Rate Mortgage
An adjustable rate mortgage (ARM) is exactly what the name
implies; a home mortgage loan with an interest rate that is
adjusted during the life of the loan.
If you go out looking for an adjustable rate mortgage, the
lender will usually have two identifying numbers associated with
the loan offer; such as 1/1, 3/1, 5/1, 2/28, or 3/27.