Mortgage Glossary - All About ARM's # - A
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3/1, 5/1, 7/1 and 10/1 ARMs
Adjustable rate mortgages in which rate is fixed for three year, five year, seven year and ten year periods respectively, but may adjust annually after that.
Adjustable Rate Mortgage (ARM)
A mortgage in which the interest rate changes periodically, according to corresponding fluctuations in an index. All ARMs are tied to indexes.
Adjustment Date
The date the interest rate changes on an ARM.
Adjustment Interval
On an ARM, the time between changes in the interest rate and/or monthly payment, typically one, three or five years depending on the index.
Adjustment Period
The period elapsing between adjustment dates for an ARM.
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