Adjustable Rate Mortgage Loans

Home loans with rates that adjust throughout the entirety of the term.

An Adjustable Rate Mortgage offers:

  • Lower initial interest rates that may rise or fall after the initial period
  • A variety of term lengths to choose from
  • Access to quick, local decisions and online applications

Simple terms. Competitive rates. Real possibilities.

An adjustable rate mortgage (ARM) provides a home loan with an interest rate that adjusts on a predetermined basis. Most ARMs begin with a fixed rate for a set period, then adjust over time according to a market index. Caps help guide how your rate may change initially, subsequently, and over the life of your loan. Rates may rise or fall after the initial period.
 

Let’s see if it’s the right fit for you.
Use our loan calculator to explore your options, then apply online or meet with a mortgage lender at one of our convenient locations to secure your rate.

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Happy couple getting keys to new home

Is An Adjustable Rate Mortgage Right For You?

We understand that the navigating home loans or mortgages on your own can be quite daunting. Rest assured that our mortgage lending team is standing by, ready to help answer your questions. If you dream of homeownership; we encourage you to fill out an application today. This will help us determine the best solution for your unique needs.

If you have questions about adjustable rate mortgages, feel free to call us at (888) 831-1500 or email us. You can also visit us at any of our convenient locations in Lexington, Henderson, or Cynthiana, Kentucky and Evansville, Indiana. We look forward to assisting in making your dream of homeownership a reality.

Adjustable-Rate Mortgage FAQs

What are the benefits of an adjustable-rate mortgage?​

With an adjustable-rate mortgage or ARM, interest rates and closing costs are typically lower than the rates and fees associated with a conventional fixed-rate mortgage.
The adjustable-rate mortgages offered at Field & Main are what we call “5/5 ARMs.” This means that if that interest rate adjusts, it will not adjust in the first five years of the loan. After that, the rate becomes variable and adjusts every 5 years and will not adjust again for another five years after the initial 5-year term. With an adjustable rate mortgage from Field & Main, our closing costs are typically lower than the closing costs associated with a conventional fixed-rate mortgage. Also, with an adjustable-rate mortgage, you get to decide how long of a term you would like.
With an ARM, you would be subject to a rate adjustment every five years for the life of your loan. With a fixed-rate mortgage, you get a consistent rate and a consistent payment.
Since an ARM features an adjustable rate, the rate is subject to change every five years, which could also change your payment amount.

Yes. If you quality, you can refinance an ARM into a conventional, fixed-rate mortgage.

An adjustable-rate mortgage (ARM) is the same thing as a variable rate mortgage.
With our ARM loans, you can choose a 10–30-year term. If you do pay off the loan before the end of the term, we do not charge a pre-payment penalty. In fact, we do not charge a pre-payment penalty on any of our residential mortgage loans.
Our ARM maintains the initial rate for a period of 5 years, and then adjusts up or down according to the interest rate index used by Field & Main to determine the rate. Rates may rise or fall after the initial period; however, your rate cannot adjust more than 2% at each adjustment. You will receive notification from Field & Main at least 210 days (about 7 months) before the first payment at the adjusted level.

Apply in as Little as 20 Minutes

Get started on your mortgage or refinancing by filling out the online mortgage application. If you have any questions, call us at 1-888-831-1500 for assistance.

Apply Now

Fixed-Rate Loans

Lock in your interest rate so your payments stay the same for the entire life of the loan.
Fixed-Rate Loans

Government Guaranteed Loans

Affordable home loans for first-time home-buyers and people with lower credit scores.
Government Guaranteed Loans