Adjustable rate mortgage, variable rate mortgage is a mortgage loan where interest rate can change based on index rate.ARM are a risky but with the rising rate of interest ARMs are one of the best options. If you are planning to purchase a new house, looking to get prequalified or pre approved to purchase a new house or want to get cash from your home equity. As in short term ARMs can help you save money and then you can refinance once interest rates go down again. I know you might think why I will refinance again. Well on an average every home owner refinances once In 7 years, reasons could vary from paying of high interest rate debts like credit cards , student loans from home equity ,buying another house or just to save money by lowering the interest rate.

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