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 lenders are among the best available. Just choose your situation and click-through for even more information.
Best adjustable-rate mortgage lenders for first-time home buyers
As a first-time home buyer, there’s a lot to consider. These lenders can help you navigate your adjustable-rate home loan options.
- The largest VA home purchase lender in the nation
- VA-backed loans usually require no down payment
- VA ARMs cannot increase more than five percentage points over the life of the loan
- Veterans United Home Loans review
- Offers 5/1, 7/1 and 10/1 ARMs
- Conventional loan programs for first-time home buyers with down payments as low as 3%
- Minimum credit score: 620
- SunTrust mortgage review
Best adjustable-rate mortgage lenders for refinancing
If an ARM fits your refinancing needs, these lenders can offer a large range of adjustable-rate mortgage choices.
- Considers alternative credit data such as utility and rent payments for some of its loan products
- Offers a full selection of adjustable-rate home loans
- Existing bank customers may qualify for mortgage fee discounts of $200 to $600
- Bank of America mortgage review
- Provides a variety of mortgage refinance products, as well as home equity loans
- Offers 3/1, 5/1, 7/1 and 10/1 ARMs
- Repeat refinance customers can get discounts and reimbursements for certain closing costs
- loanDepot review
Best adjustable-rate mortgage online lenders
Get an ARM anywhere, anytime. These lenders are technology leaders and can meet your mortgage needs completely online.
- The first national lender to launch mobile mortgage lending
- ARM rates are initially fixed for 5, 7 or 10 years
- Life-of-the-loan rate changes are capped at 5% above your initial fixed rate
- Rocket Mortgage review
- Offers an online application process with secure document uploads and electronic signing
- Offers ARMs on jumbo mortgages, for purchasing larger, more expensive homes
- More than 150 branches across the country for local service
- Guaranteed Rate review
Best adjustable-rate mortgage lenders for face-to-face service
Does your ARM require a helping hand? These lenders pride themselves on their face-to-face service, though service footprints can vary by region.
- More than 2,200 financial centers, primarily in the Southeast
- Offers 3/1, 5/1, 7/1 and 10/1 adjustable-rate mortgages
- Construction-to-permanent loans also have adjustable-rate options
- BB&T review
- Offers full line of purchase mortgages, including FHA and VA loans.
- Has low down payment options that don’t require private mortgage insurance.
- Available in all 50 states.
- CitiMortgage review
Best adjustable-rate mortgage lenders for borrowers with bad credit
You might be able to buy a home sooner than you think, even after a personal credit crisis. These lenders can guide you through the process.
- Offers loans for manufactured housing
- Offers ARMs for purchase, refinance and cash-out refis
- Assists borrowers in finding state-sponsored down payment assistance and grant programs
- New American Funding review
- Provides FHA, VA and USDA loans, which are especially helpful to borrowers with lower credit scores
- Offers adjustable rate mortgages at over 250 local locations
- The Fairway mobile app allows borrowers to complete an application and locate a local loan officer
- Fairway Independent Mortgage review
Best adjustable-rate mortgage lenders: summary
- Veterans United: Best for first-time home buyers
- SunTrust: Best for first-time home buyers
- Bank of America: Best for refinancing
- LoanDepot: Best for refinancing
- Rocket Mortgage: Best for online experience
- Guaranteed Rate: Best for online experience
- BB&T Home Mortgage: Best for face-to-face service
- CitiMortgage: Best for face-to-face service
- New American Funding: Best for borrowers with bad credit
- Fairway: Best for borrowers with bad credit
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