What is an ARM Loan?

An Adjustable Rate Mortgage (ARM) is a loan with a monthly rate that can adjust (can go up or down) as the interest rate fluctuates. There are different types of adjustable rate mortgages or ARMs - for example: 3/1, 7/1 or 10/1, and 5/5 to name a few. Initially, most ARMs have a fixed interest rate with variable terms.

What is a 5/5 ARM?

  • The first “5” in a 5/5 ARM means that members will have a fixed rate on their loan for 5 years.
  • The second “5” in a 5/5 ARM means that the loan rate will adjust only once every 5 years.

New house. Lower mortgage payment. It’s within your reach with an ARM loan.

Our new 5/5 Adjustable Rate Mortgage (ARM) offers solutions to lower your current mortgage payment or purchase a new home. Firstmark members can get a new loan product with a fixed interest rate. Click here to view our current ARM rates.

What to expect with an ARM loan

  • Lower initial interest rate and monthly payment
  • Save money in the early years
  • Rate adjusts only once every 5 years for the life of the loan
  • Aggressively pay down your mortgage  

Is an ARM loan right for you?

  • You don’t anticipate holding on to the property for the full term of the mortgage
  • You may be relocating
  • You may be buying up for a growing family
  • You may be buying down because you’re an empty nester

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