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A 10-year adjustable-rate mortgage offers a fixed rate for the first 10 years of the loan. After that, the interest rate resets every six months. Many homeowners opt to refinance or sell their property before the rate starts to change. So why bother with an adjustable-rate mortgage at all?

Well, because during that initial fixed-rate period, ARMs often offer significantly lower interest rates than fixed-rate mortgages. With a 10-year ARM, that’s a decade’s worth of a teaser rate. Here’s what to consider if you’re thinking about a 10-year adjustable-rate mortgage.