f23fe56e_Mortgage_Types___Union__Description
[Type] Adjustable Rate Mortgage (ARM) [Benefits] ARMs can offer substantial interest rate savings as compared to long term fixed rates. These programs can be ideal for borrowers with defined time frames of ten years or less. [Description] 
This type of mortgage has an interest rate that is initially fixed for a certain period of time (usually 3, 5, 7 or 10 years.) The interest rate may then vary and is adjusted periodically based partly on a pre-selected index. Also known as a variable rate mortgage.
Mortgage Types | Union
Description