BEST OF

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.

By NerdWallet  

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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.

Best Adjustable-Rate Mortgage Lenders

PNC
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at PNC

PNC: NMLS#446303

5.0

NerdWallet rating 
PNC

Min. credit score

620

Min. down payment

3%
Learn more

at PNC

Why we like it

Good for: borrowers with low-to-moderate incomes or limited down payments. PNC offers several low-down-payment loans, including one with no mortgage insurance.

Pros

  • Posts current mortgage rates on its website.

  • Has an online application for mortgage preapproval and a digital tool to track application progress.

  • Offers several affordable loan options, including FHA, VA, USDA and the PNC Community Loan.

Cons

  • Doesn't offer renovation mortgages.

  • In-person service is not available in every state.

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Bethpage Federal Credit Union
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at Bethpage Federal Credit Union

Bethpage Federal Credit Union: NMLS#449104

4.5

NerdWallet rating 
Bethpage Federal Credit Union

Min. credit score

620

Min. down payment

3%
Learn more

at Bethpage Federal Credit Union

Why we like it

Bethpage has a good selection of loan options but no USDA mortgages or renovation loans. And while it offers multiple online conveniences, you have to contact the lender for customized rates.

Pros

  • Offers a full array of online conveniences, including loan process updates.

  • Offers financing for cooperatives, a type of home that’s common on the East Coast.

  • Sample mortgage rates available for a variety of loan products.

Cons

  • In-person service available only in Queens and on Long Island, New York.

  • USDA loans are not available.

  • Customized rates not available online.

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Alliant
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Alliant: NMLS#197185

4.5

NerdWallet rating 
Alliant

National / regional

National

Min. down payment

3%
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Why we like it

Good for: first-time home buyers who want to avoid mortgage insurance and prefer a digital application process.

Pros

  • Low- or no-down-payment options with no mortgage insurance.

  • Offers a home equity line of credit, or HELOC.

  • Mortgages are available for non-warrantable condominiums.

Cons

  • Doesn't offer government-backed mortgages, like FHA or VA loans.

  • Mortgage origination fees are on the high side, according to the latest federal data.

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Bank of America
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Bank of America: NMLS#399802

4.5

NerdWallet rating 
Bank of America

Min. credit score

660

Min. down payment

5%

National / regional

National
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National / regional

National

Why we like it

Good for: first-time home buyers looking for low- or no-down-payment options and homeowners interested in a home equity line of credit.

Pros

  • Offers down payment and closing cost assistance programs.

  • May give existing customers a discount on mortgage lender origination fees and HELOC interest rates.

  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.

Cons

  • Doesn't offer renovation loans that roll costs into a mortgage.

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Citibank
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Citibank: NMLS#412915

4.5

NerdWallet rating 
Citibank

National / regional

National

Min. down payment

3%
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Why we like it

Good for: Buyers who want to explore low down payment mortgages, including government-backed loans and Citi’s proprietary option.

Pros

  • Offers a wide variety of loan options, including low-down-payment mortgages and jumbo mortgages.

  • Offers low rates compared with other lenders, according to the latest data.

  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.

Cons

  • Requires help from a loan officer to complete an online mortgage application.

  • Customized mortgage rates not available without making contact.

  • Doesn’t offer renovation loans.

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US Bank
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US Bank: NMLS#402761

4.5

NerdWallet rating 
US Bank

Min. credit score

620

Min. down payment

5%
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Why we like it

U.S. Bank gets high marks for its loan offerings and online customer conveniences — and has competitive fees and mortgage rates.

Pros

  • Offers a full line of conventional and government loan products.

  • Provides home equity loans and lines of credit.

  • Allows borrowers to apply and track their loan's progress online.

Cons

  • No personalized mortgage rates available online.

  • Published mortgage rates assume an above-average credit score.

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Golden 1 Credit Union
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Golden 1 Credit Union: NMLS#669333

4.5

NerdWallet rating 
Golden 1 Credit Union

Min. credit score

620

Min. down payment

3%
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Why we like it

Golden 1 offers a cost-saving real estate agent program, plus a range of loan types, including jumbos.

Pros

  • Offers a variety of purchase and refinance loans, including jumbo mortgages.

  • Has a preferred real estate agent program that can save a borrower money on closing costs.

  • Offers some flexibility on guidelines for loan qualification.

Cons

  • Does not offer VA or USDA loans.

  • Products available only to California residents.

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Wells Fargo
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Wells Fargo: NMLS#399801

4.5

NerdWallet rating 
Wells Fargo

Min. credit score

620

Min. down payment

3%
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Why we like it

Good for: existing customers of the bank looking for a wide selection of mortgage products.

Pros

  • Sample rates clearly posted for various loan products.

  • Offers a wide variety of loan types and products.

  • Mortgage rates tend to be on the low side compared with other lenders, according to the latest federal data.

Cons

  • Home loans business is broadly focused on bank customers.

  • Doesn’t offer home improvement loans, or home equity loans or lines of credit.

  • Scandals and government actions have damaged consumer trust in recent years.

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Truist
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Truist: NMLS#399803

4.5

NerdWallet rating 
Truist

Min. credit score

620

Min. down payment

3%
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Why we like it

Good for: first-time home buyers, doctors and other borrowers interested in low-down-payment mortgage options.

Pros

  • Offers a complete suite of online mortgage application tools and loan tracking.

  • Sample rates are easy to find on the website.

  • Offers a wide variety of loan options, including construction loans and programs for doctors.

Cons

  • Customized rates aren't available online without starting an application.

  • For borrowers who prefer to apply in person, branches are limited mostly to the South and East.

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Chase
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Chase: NMLS#399798

4.5

NerdWallet rating 
Chase

Min. credit score

620

Min. down payment

3%
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Why we like it

Good for: borrowers who want a wide selection of loan products, an in-person experience and comparatively low interest rates.

Pros

  • Carries a wide variety of mortgage types and products, including DreaMaker and Standard Agency mortgages, with down payments as low as 3%.

  • Offers low rates compared with other lenders, according to the latest federal data.

  • Offers a customizable mortgage calculator for personalized rate and payment estimates.

Cons

  • Doesn't offer home improvement loans, such as FHA 203(k) and HomeStyle.

  • You have to speak with a home loan adviser to complete the application.

  • Home equity lines of credit (HELOC) are currently unavailable.

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San Diego County Credit Union
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San Diego County Credit Union: NMLS#580585

5.0

NerdWallet rating 
San Diego County Credit Union

Min. down payment

5%

National / regional

Regional
Read review

Why we like it

Good for: Californians who are looking for a conventional or jumbo mortgage and who want to shop rates online.

Pros

  • Offers purchase, refinance and jumbo mortgages, plus loans for second homes and home equity products.

  • Provides customized rate and fee quotes without requiring contact information.

Cons

  • No FHA, VA or USDA mortgages.

  • Loans are available only in California.

Read Full Review

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.

» MORE: ARMs vs. fixed-rate mortgages: How to compare

When an adjustable-rate mortgage is a good idea

Here are some situations in which an ARM makes sense.

  1. 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.

  2. 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.

  3. 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.

» MORE: Pros and cons of an adjustable-rate mortgage

When an adjustable-rate mortgage is a bad idea

An ARM probably isn’t the right choice if:

  1. 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.

  2. 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.

  3. 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 May 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