A 7/1 ARM is an adjustable-rate mortgage or ARM that has an initial unchanged interest rate for seven years, which adjusts once per year thereafter according to market changes.  Statistics show that homeowners sell or refinance every 5 to 7 years which makes a 7/1 ARM a comfortable loan option for many borrowers.  A 7/1 ARM typically offers a lower initial monthly payment and lower payments over a shorter period of time.  Also, rates and payments may go down if rates improve.  With a 7/1 ARM you may also be able to qualify for a higher loan amount than with fixed rate financing.  See Jumbo Mortgage Loans.

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