Once your loan is approved, be sure to discuss the details of the loan and the
repayment terms with the lender. At Getmoney.com we always encourage you to discuss your finances with a licensed professional.

### Adjustable Rate Mortgages / Hybrid ARM

This loans carry a fixed interest rate for a predetermined period and will adjust to current market rates once the fixed period is over. The most common adjustable rate loans are 3/1 (rate is fixed for the first 3 years), 5/1 (rate is fixed for the first 5 years), 7/1 (rate is fixed for the first 7 years), 10/1 (rate is fixed for the first 10 years) and are usually amortized over a 30 year period.