lock in your APR for the first few years, then change your rate periodically. For example, a 7/1 ARM secures your rate for the first seven years, then your APR changes every year.
"If they choose an adjustable rate mortgage, when rates are low, they need to consider rates could be higher when the loan begins to adjust," Shelby McDaniels, Executive Director of Corporate Relocation atYou may choose an ARM over a fixed-rate mortgage because the ARM rate is lower right now. But when it starts to adjust every year, you could end up paying more than if you had just chosen a fixed-rate mortgage.
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