ARM can help provide low new paymentsMORTGAGE Q.&A.

Q. With interest rates so low, should I consider an Adjustable Rate Mortgage (ARM) loan?

A. One of the advantages of ARM loans is that they can have lower interest rates (during the first couple of years) than a fixed-rate loan program. Even though fixed rates are currently very low, they are well above the starting rates on ARM loans.

Of course, these lower rates may be only temporary, depending on future interest rate movements. The one-year ARM can adjust in one year, and the three-year ARM could adjust in three years. One of the questions that you need to ask yourself is how long you think you will live in the property? If you plan on moving soon, ARM loans can save you interest costs without exposing you to much risk of future payment increases.

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