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Buying a home

Adjustable-rate mortgage (ARM)

The short answer An adjustable-rate mortgage (ARM) usually starts with a fixed introductory period, then adjusts based on the index and margin in your loan contract. Caps limit certain changes, but they don't keep the payment fixed. Before choosing one, compare the first adjustment, how often it adjusts after that, the lifetime cap, and whether you could afford the payment if rates rise.

Last reviewed: October 18, 2026 · General education, not a loan offer or approval. Availability and terms depend on the lender, the property and your file.

It may fit if

  • You expect to sell or move before or soon after the introductory period ends.
  • You can comfortably handle a higher payment if rates rise.
  • You want to compare an ARM's starting payment with a fixed-rate option.

Tradeoffs to weigh

  • The payment can rise after the introductory period.
  • Caps limit changes but don't make the payment permanent.
  • Refinancing later depends on future rates, equity, income and approval, none of which is certain.

What to have ready

  • How long you expect to keep the home and the loan.
  • The highest monthly payment you could handle.
  • Your purchase or refinance goal.
  • How you're paid and your main monthly debts.

Questions people ask

What does 5/6 mean?

It typically means five initial fixed years, then adjustments every six months. Always confirm the terms in your actual note.

Can I simply refinance before it adjusts?

You may apply, but future rates, equity, income and approval are uncertain.

Your next step

Tell me what you're trying to do. I'll check which options fit your situation and walk you through the tradeoffs.

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Related topics

Conventional mortgage Low-down-payment conventional loan (Conventional 97) HomeReady Home Possible FHA mortgage VA mortgage See the loan programs All topics

Sources

Official program and consumer sources this page is based on. Lender rules can be stricter than these.

Marcus Wright
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Marcus Wright · Loan Officer, NMLS #2789841

Originates through Q Mortgage LLC, NMLS #2567464. Licensed in Texas.

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  3. 3. Apply when you're readyYou apply through a secure application. The lender's underwriting makes the final decision, and I keep you updated until closing.
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