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 sorted them based on individual loan needs.
These adjustable-rate mortgage lenders are among the best out there. Start your search here.
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
- Has 5/1, 7/1 and 10/1 ARM options.
- Offers an “underwriter reviewed” preapproval letter in as little as 24 hours.
- Not available in all 50 states.
- Better.com Mortgage review
Best adjustable-rate mortgage lenders for veterans
If you’ve served in the military, these lenders can help you find an ARM that maximizes your benefit.
- Loan officers experienced with VA loan process.
- Considers alternative credit data, like cell phone payments.
- Choose between 3/1, 5/1, 7/1 and 10/1 ARM terms.
- BNC National Bank mortgage review
- No lender fee for VA borrowers.
- Mobile apps for iOS and Android.
- 3/1, 5/1, 7/1 and 10/1 ARM terms available.
- NBKC Bank mortgage 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.
- Uses manual underwriting to evaluate creditworthiness.
- 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
- Accepts credit scores as low as 580 for FHA and VA loans.
- Offers a unique 5/5 ARM option.
- Provides digital tools for a streamlined application process.
- Caliber Home Loans review
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.
- 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
- Offers a full selection of adjustable-rate home loans.
- Considers alternative credit data such as utility and rent payments for some loan products.
- Existing bank customers may qualify for mortgage fee discounts.
- Bank of America mortgage 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
- Provides FHA, VA and USDA loans.
- Offers 3/1, 5/1, 7/1 and 10/1 ARMs.
- Origination fees can range from 1-5%, depending on the product.
- loanDepot review
Best adjustable-rate mortgage lenders: summary
- Rocket Mortgage: Best for online experience
- Better.com Mortgage: Best for online experience
- BNC National Bank: Best for veterans
- NBKC Bank: Best for veterans
- New American Funding: Best for borrowers with bad credit
- Caliber Home Loans: Best for borrowers with bad credit
- SunTrust: Best for first-time home buyers
- Bank of America: Best for first-time home buyers
- BB&T Home Mortgage: Best for face-to-face service
- LoanDepot: Best for face-to-face service
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