ARMs usually start out with a lower interest rate than fixed rate mortgages and remain constant for a specified amount of time. After the initial period, the rate is adjusted for a specific period of time, and can go up or down according to the index, margin and adjustment period/lifetime caps stated. ARMs are usually a good choice when you only expect to keep the home for a short time (three to ten years) or when you would rather pay less now but expect your income to increase in future years.

A Spencer ARM is ideal when you only plan on keeping your home for 3 to 10 years or when you'd rather pay less now but expect your income to increase in future years.

An adjustable rate with Spencer Savings means:
• Interest rates change periodically based on an index.
• Initial rates usually less than traditional fixed rates.
• Annual/Lifetime cap on interest rate changes.