How adjustable-rate mortgages really move
Where the numbers live
In brief
Your Loan Estimate has two ARM tables on page two: the Adjustable Interest Rate table, with index, margin, caps and timing, and, if relevant, the Adjustable Payment table. The lender's separate ARM program disclosure explains the program in more detail. Copy the four key numbers into the simulator.
Last reviewed against the primary sources listed below.
Checklist
- Index name and how it is averaged.
- Margin.
- First, periodic and lifetime caps.
- First change date and frequency.
Sources
The CHARM handbook and the Loan Estimate explainer.
ARM questions
Where do I find my ARM caps?
On page two of the Loan Estimate in the Adjustable Interest Rate table, and in the ARM program disclosure.