By Investopedia Staff. An interest-only adjustable-rate mortgage (ARM) is a type of mortgage loan in which the borrower is only required to pay the interest owed each month, for a certain period of time. During the interest-only period, only interest accrued each period must be paid, and a borrower is not required to pay down any principal owed.
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Like a Fully Amortizing ARM, an Interest Only ARM will often have a period where the interest rate is fixed, and then it is adjusted annually. An Interest Only ARM.
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With an ARM, or adjustable-rate mortgage, the interest rate is set for a. 10/1 ARMs, and only think of 3/1 or 5/1 ARMs, which lock in rates for a.
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Bankrate.com provides FREE adjustable rate mortgage calculators and other ARM loan calculator tools to help consumers learn more about their mortgages.
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A 7/1 adjustable-rate mortgage is a hybrid home loan product. homebuyers make fixed monthly mortgage payments at a fixed interest rate for the first seven years. After 84 months have passed, 7/1 ARM mortgage rates can increase (or decrease) once a year and can fluctuate throughout the remainder of the loan term.
Adjustable Rate Mortgages (ARM for short) are initially lower than fixed-rate loans. Using an adjustable rate mortgage does expose you to the risk that interest rates could increase and drive up your monthly payments. There are two types of ARM loan programs to be aware of: the ‘ Fully Amortizing ‘ and the ‘ Interest Only ‘.
Interest Rate. The cost a customer pays to a lender for borrowing funds over a period of time expressed as a percentage rate of the loan amount.