Adjustable rate mortgages or ARM's are popular because they typically start with a lower interest rate, making your monthly payments lower.  This allows a borrower to qualify for a larger mortgage than a fixed-rate mortgage would allow.

A 3-year ARM offers a fixed rate and monthly principal and interest payments for the first three years of the mortgage.  After the 3 years the interest rate and monthly payments are subject to change every 6 or 12 months as market conditions change.  The rate can only change within predetermined limits and only by a specified amount each year, as well as  over the life of the mortgage loan.

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