Home personal loans Adjustable-Rate Mortgages

Adjustable-Rate Mortgages Photo Adjustable-Rate Mortgages

With a lower initial rate, it may be right for you.

An adjustable-rate mortgage, or ‘ARM,’ is a mortgage in which the interest rate may fluctuate based on market conditions. Initial interest rates of ARMs are typically lower than on a fixed-rate mortgages. It may be right for you if you think you’ll live in your home for just a few years or if you want the low rate now and think your income will rise or rates will lower after that expiration period.

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Features of an ARM include:

  • Interest rate and monthly principal and interest payments that remain the same for a specific term, then adjusts annually.
  • A variety of loan term options.
  • An interest rate cap, setting a limit on how high your interest can go.

Standard credit qualifications apply.

How do I know if an adjustable-rate mortgage is right for me?

If you want a lower initial rate and believe you might move in just a few years, it might be the right option for you. You can visit our Online Mortgage Center to do various loan calculations as you discover the answer to this question.

Will I need a downpayment? How much?

The answer is almost always yes, though specialty loans do exist. How much you’ll need depends on the type of loan you choose. You can look at various scenarios using our online mortgage calculators.

What is escrow?

Escrow are funds included in your monthly mortgage payment to cover your taxes and homeowner’s insurance. Your bank keeps these funds in an account to make payments on your behalf.

Angie Van Otterloo's Image

Angie Van Otterloo

Mortgage Loan Officer | NMLS#402073

Location: Sioux City Mortgage Lending Office

Work Phone: (712) 226-5363

Cell Phone: (712) 251-7631

Charlie Larson's Image

Charlie Larson

Vice President II, Mortgage Loan Officer | NMLS#493731

Location: Storm Lake Main Office

Work Phone: (712) 732-2190

Chris Jenness's Image

Chris Jenness

Vice President, Mortgage Loan Officer | NMLS#493730

Location: Cherokee Main Office

Work Phone: (712) 225-2546

Christopher Krueger's Image

Christopher Krueger

Vice President II, Managing Mortgage Loan Officer | NMLS#728693

Location: Sioux City Main Office

Work Phone: (712) 293-2265

Cindy Mart's Image

Cindy Mart

Vice President II, Mortgage Loan Officer | NMLS#493726

Location: Spirit Lake Main Office

Work Phone: (712) 336-4100

Dianna Koontz's Image

Dianna Koontz

Vice President, Mortgage Loan Officer | NMLS#493728

Location: Sioux City Main Office

Work Phone: (712) 293-2265

Jared Noteboom's Image

Jared Noteboom

Mortgage Loan Officer | NMLS#1207705

Location: Sioux City Mortgage Lending Office

Work Phone: (712) 293-2265

JoAnn Linn's Image

JoAnn Linn

Assistant Vice President, Mortgage Loan Officer | NMLS #1254154

Location: Sioux Falls Mortgage Lending Office

Work Phone: (605) 782-1745

Karen Benecke-Renken's Image

Karen Benecke-Renken

Assistant Vice President, Mortgage Loan Officer | NMLS#400191

Location: Urbandale 100th St. Branch

Work Phone: (515) 254-9000

Laurie Beardsley's Image

Laurie Beardsley

Assistant Vice President, Mortgage Loan Officer | NMLS#441062

Location: Sioux City Main Office

Work Phone: (605) 540-4333

Matthew Klein's Image

Matthew Klein

Vice President II, Managing Mortgage Loan Officer | NMLS#446592

Location: Waukee Main Office

Work Phone: (515) 987-2299

Peter Jenkins's Image

Peter Jenkins

Assistant Vice President, Mortgage Loan Officer | NMLS #1136071

Location: Sioux Falls Minnesota Branch

Work Phone: (605) 782-1763

Riley Almos's Image

Riley Almos

Mortgage Loan Officer | NMLS#1147299

Location: Brookings Main Office

Work Phone: (605) 692-2314

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