Adjustable Rate Mortgages - First National Bank of Hartford
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Adjustable Rate Mortgages

An adjustable rate mortgage (ARM) is right for you if you’re looking for a lower initial interest rate. Unlike a fixed rate mortgage, ARM interest rates are tied to an index and adjusted at regular intervals. Depending on market conditions, an ARM interest rate will go up or down.


An ARM is a good choice for you if you’re planning to sell or refinance your home within a few years of purchase. This enables you to take advantage of the lower initial interest rate and move on before the rate goes up. You also might benefit from an ARM if you expect your household income to rise. The low initial rate of an ARM can be a budget saver.

 

Is an Adjustable Rate Mortgage Right for You?

  • How long do you plan to keep your home?
  • How long will the initial rate be in effect?
  • How often will the mortgage rate adjust? Less frequent changes means more predictable monthly payments.
  • How much can the interest rate rise at each adjustment?
  • How much can the interest rate rise over the life of the loan?
  • Does the loan have rate caps?
  • Can the ARM convert to a fixed-rate mortgage?
  • How risk tolerant am I?
  • How financially disciplined am I?

Our knowledgeable mortgage professionals will work with you personally to assess your individual situation, answer all of your questions and help you make the best choice.


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