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Adjustable Rate

Adjustable Rate Mortgages allow you to start with a lower interest rate and lower monthly payments.

If you’re buying a home and want lower payments than a traditional mortgage, our Adjustable Rate Mortgage (ARM) may be a smart choice. Adjustable rate mortgages (ARMs), also known as variable-rate mortgages, begin with a lower interest rate and lower monthly payments for a set period and then have a variable interest rate that may change periodically depending on financial index changes. Generally speaking, your rate and monthly payment may increase or decrease if the index rate goes up or down, and will continue to adjust each year for the life of the loan.

  • Allows for a lower initial monthly payment
  • Excellent choice if you don't plan to stay in your home for a long period, or if you expect an increase in income
  • Available in a variety of terms, ranging from 1 to 10 years

ARM example:

In a 3/1 ARM, the 3 stands for an initial 3-year period during which the interest rate remains fixed while the 1 shows that the interest rate is subject to change once per year thereafter.

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