11 Best Adjustable-Rate Mortgage Lenders of 2022
These are among the best adjustable-rate mortgage lenders in 2022 for a variety of borrowing circumstances, as determined by NerdWallet research.
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Now that you've made the decision to shop for an adjustable-rate mortgage, it's time to decide which lenders to consider. NerdWallet has reviewed leading lenders that offer adjustable-rate mortgages and classified them based on individual loan needs. These ARM lenders are among the best available. Just choose your situation and click-through for even more information.
Now that you've made the decision to shop for an adjustable-rate mortgage, it's time to decide which lenders to consider. NerdWallet has reviewed leading lenders that offer adjustable-rate mortgages and classified them based on individual loan needs. These ARM lenders are among the best available. Just choose your situation and click-through for even more information.
Best Adjustable-Rate Mortgage Lenders
Lender | NerdWallet rating | Min. credit score | Min. down payment | Learn more |
---|---|---|---|---|
![]() Bethpage Federal Credit Union: NMLS#449104 Learn more at Bethpage Federal Credit Union | Best for credit union lending | 620 | 3% | Learn more at Bethpage Federal Credit Union |
![]() Chase: NMLS#399798 Learn more at Chase | Best for rate transparency | 620 | 3% | Learn more at Chase |
![]() Alliant: NMLS#197185 | Best for credit union lending | N/A | 3% | Read review |
![]() San Diego County Credit Union: NMLS#580585 | Best for digital convenience | N/A | 5% | Read review |
![]() Bank of America: NMLS#399802 | Best for first-time home buyers | 660 | 5% | Read review |
![]() Citibank: NMLS#412915 | Best for origination fees | N/A | 3% | Read review |
![]() PNC: NMLS#446303 Learn more at PNC | Best for first-time home buyers | 620 | 3% | Learn more at PNC |
![]() US Bank: NMLS#402761 | Best for traditional lending experience | 620 | 3% | Read review |
![]() Golden 1 Credit Union: NMLS#669333 | Best for credit union lending | 620 | 3% | Read review |
![]() Wells Fargo: NMLS#399801 | Best for digital convenience | 620 | 3% | Read review |
![]() Truist: NMLS#399803 | Best for traditional lending experience | 620 | 3% | Read review |

at Bethpage Federal Credit Union
Bethpage Federal Credit Union: NMLS#449104

Min. credit score
620Min. down payment
3%at Bethpage Federal Credit Union
Alliant: NMLS#197185

National / regional
NationalMin. down payment
3%San Diego County Credit Union: NMLS#580585

Min. down payment
5%National / regional
RegionalBank of America: NMLS#399802

Min. credit score
660Min. down payment
5%National / regional
NationalCitibank: NMLS#412915

National / regional
NationalMin. down payment
3%US Bank: NMLS#402761

Min. credit score
620Min. down payment
3%Golden 1 Credit Union: NMLS#669333

Min. credit score
620Min. down payment
3%Wells Fargo: NMLS#399801

Min. credit score
620Min. down payment
3%Truist: NMLS#399803

Min. credit score
620Min. down payment
3%More from NerdWallet Calculate your mortgage payment Compare mortgage rates How much home can you afford?
What is an adjustable rate mortgage?
An adjustable rate mortgage is a home loan with an interest rate that can change over time. In most cases, an adjustable rate mortgage will have a low fixed-interest rate during the introductory period, which could be as few as three years or as many as 10.
When the introductory period expires, the interest rate adjusts to current market rates. If current rates are lower, your rate and mortgage payment may decrease. But if current rates are higher than the initial rate, your rate and mortgage payment may increase. ARM rates continue to change periodically — usually once a year — until you sell, refinance, or pay back the mortgage in full.
When an adjustable-rate mortgage is a good idea
Here are some situations in which an ARM makes sense.
You’ll own the house for only a short period of time. If you might relocate in 3, 5, 7, or 10 years, an ARM mortgage may save you money. Military families or doctors currently in a residency program are two examples where this might be the case.
You plan to pay off the total balance of the mortgage quickly. Do you expect a financial windfall, such as an inheritance or lawsuit settlement, in the next few years? An ARM mortgage may allow you to make smaller monthly mortgage payments until you can own the home free and clear.
You expect fixed-rate mortgage rates to decrease. It’s risky and hard to predict, but if you expect fixed-rate mortgage rates to drop below current ARM rates before your introductory period expires, an adjustable-rate mortgage may yield savings until fixed rates drop. Be aware that this option requires you to eventually refinance to a fixed-rate mortgage, which means choosing a lender, getting approved and paying closing costs, just like with your ARM mortgage.
When an adjustable-rate mortgage is a bad idea
An ARM probably isn’t the right choice if:
You plan to put down roots. If you’re buying your forever home, and have no plans to move away, a fixed-rate mortgage might be the more appropriate choice. While it may have a slightly higher rate, a fixed-rate mortgage involves less risk than an adjustable-rate mortgage, so your investment is better protected.
You want a predictable mortgage payment. Sure, the interest rate on a fixed-rate mortgage may initially be higher than an ARM, but you’ll never have to worry about it going up, and you’re always free to refinance your mortgage if rates drop significantly in the years ahead.
Your budget can’t handle a larger mortgage payment. Maybe you’re thinking about going back to school, starting a family or launching a business. These life changes could affect your income in the years ahead. If you’re not 100% sure you could handle a mortgage payment that gets bigger when rates adjust higher, stick with the predictability of a fixed-rate mortgage.
Last updated on June 6, 2022
Methodology
The star ratings on this page reflect each lender's overall star ratings. Read more about how we determine those ratings.
The lenders on this page are chosen using this methodology:
NerdWallet reviewed nearly 60 mortgage lenders, including the majority of the largest U.S. mortgage lenders by annual loan volume (lenders had to have at least a 1% market share), lenders with significant online search volume and those that specialize in serving various audiences across the country.
For inclusion in this roundup, lenders must have an overall score of 4.5 or higher and dedicate at least 10% of their business to adjustable-rate mortgage loans.
NerdWallet solicits information from reviewed lenders on a recurring basis throughout the year. All lender-provided information is verified through lender websites and interviews. We also utilized 2020 HMDA data for origination volume, origination fee, rate spread and share-of-product data.
To recap our selections...
NerdWallet's Best Adjustable-Rate Mortgage Lenders of 2022
- Bethpage Federal Credit Union: Best for credit union lending
- Chase: Best for rate transparency
- Alliant: Best for credit union lending
- San Diego County Credit Union: Best for digital convenience
- Bank of America: Best for first-time home buyers
- Citibank: Best for origination fees
- PNC: Best for first-time home buyers
- US Bank: Best for traditional lending experience
- Golden 1 Credit Union: Best for credit union lending
- Wells Fargo: Best for digital convenience
- Truist: Best for traditional lending experience