Select the specific index used by your ARM from the ARM disclosure form. To find its current value, see the sources in Adjustable Rate Mortgage Indexes. Slide mouse over yellow box at beginning of line to close pop-up.The amount that is added to the index value on a rate adjustment date. It is shown in the ARM disclosure form.On a new
loan, begin with the month in which the first payment is due. On an existing loan, begin with the month when the next payment is due.On a new loan, this is the initial rate period. On an existing loan, it is the number of months until the next rate adjustment date.This is the maximum amount that the interest rate can change on the first rate adjustment. ARMs that have initial rate periods of 5 years or longer often have larger adjustment caps on the first rate adjustment than on subsequent
adjustments.After the initial rate period, the rate on most ARMs changes every year, every 6 months, or every month.Select any number of interest rate scenarios. The fewer you select, the more detail is provided about each scenario.If no maximum or minimum rates are specified in your loan document, please leave these items blank.Enter 1 if you want the rate increase to begin immediately, 2 if you want it to begin at the start of year 2, and so on.
