What is another word for adjustable rate mortgage?
Pronunciation: [ɐd͡ʒˈʌstəbə͡l ɹˈe͡ɪt mˈɔːɡɪd͡ʒ] (IPA) 
Adjustable rate mortgage (ARM) is a type of mortgage loan where the interest rate fluctuates based on prevailing market conditions. This type of loan provides flexibility to borrowers, allowing them to pay lower interest rates during times of economic growth while bearing the risk of higher rates during an economic downturn. Synonyms for adjustable rate mortgage include floating rate mortgage, variable rate mortgage, and adjustable home loan. Floating rate mortgage suggests the interest rate shifts up and down with the market, while variable rate mortgage implies that the interest rate may change in different ways. Adjustable home loan emphasizes the adaptability of the mortgage based on a borrower's changing financial situations.
