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New York Real Estate Information: Mortgages
Adjustable-Rate Mortgages (ARMs) (page 1)

With an adjustable-rate mortgage (ARM), the interest rate you pay is adjusted from time to time to keep it in line with changing market rates. When interest rates go down, so might your mortgage payments; but keep in mind that your payments could go up when interest rates are raised.

ARMs are attractive because they may initially offer a lower interest rate than fixed-rate mortgages. Since the monthly payments on an ARM start out lower than those of a fixed-rate mortgage of the same amount, you can qualify for a larger loan. The chief drawback, of course, is that your monthly payments may increase when interest rates rise.

Further Information:
About Mortgages
Mortgage Amount and Term
Amortization
Fixed or Adjustable Interest Rates
Down Payment
Closing Costs
Discount Points
Conforming and Nonconforming Loans
Fixed-Rate Mortgages
30-Year Fixed-Rate
20-Year Fixed-Rate
15-Year Fixed-Rate
Adjustable-Rate Mortgages (ARMs) (page 1)
Adjustable-Rate Mortgages (ARMs) (page 2)
Adjustable-Rate Mortgages: CD-Indexed ARMs
Adjustable-Rate Mortgages: Treasury-Indexed ARMs
Adjustable-Rate Mortgages: Cost of Funds-Indexed ARMs
Adjustable-Rate Mortgages: Initial Fixed-Period ARMs
Adjustable-Rate Mortgages: Two-Step Mortgage
Government Loans and Programs (General)
Government Loans and Programs: FHA Loans
Government Loans and Programs: VA Loans
Government Loans and Programs: RHS Loans
Government Loans and Programs: State and Local Loan Programs
Balloon Loans