Adjustable Rate Mortgage

Many consumers shy away from ARM loans because they may not quite understand the way they works. But if you prefer to keep payments lower during the first few years or if you plan to pay off your mortgage within the next 10 years, an adjustable rate mortgage (also referred to as variable mortgage) may be right for you.

What is an ARM loan?

Adjustable Rate Mortgages, ARMs, offer a lower starting interest rate fixed for a certain term and therefore, a lower monthly payment. Your rate and your payment may increase, though, as time goes on. ARMs are useful loans for a variety of circumstances.

What types of ARM loans are there?

We offer a variety of adjustable rate mortgages.

5/1 ARM

A 5/1 ARM is a good choice if you want:

  • To keep your payments low
  • The stability of a fixed monthly payment for the first five years of the loan

It may be a riskier option if you don't expect your income to increase over the initial 5-year period to cover the change in monthly payment. The interest rate can also rise above the current fixed rates over time. 

5/5 ARM

A 5/5 ARM is very similar to a 5/1 in terms of its advantages and disadvantages. The only real difference is that the 5/1 adjusts every year after the five-year lock period, whereas the 5/5 adjusts every 5 years. 

10/1 ARM

We’re now introducing a unique 10/1 ARM option! This hybrid mortgage allows for a longer initial fixed interest rate with an attractive rate. 

Apply Now

Or call us at 954-745-2400 or 800-230-0200 and select option 4.

1Borrower is responsible for all closing costs exceeding 2% of the loan amount. No cash back to borrower if the 2% credit exceeds the actual closing costs. We Florida Financial will require reimbursement of the closing cost credit if the loan is paid off within the first 24 months from the first payment due date. For an estimate of customary fees imposed for the opening of the loan (by We Florida Financial or a 3rd party such as an appraiser), consult a We Florida Financial Loan Officer for details.