The Adjustable Rate Mortgage program (ARM) offers the lowest rates of all the conventional mortgage programs available to the consumer. This program typically offers a 1 to 3 year rate lock with adjustable provisions for future rate changes. Often times these rate changes are controlled by an index and a margin that prohibit the rate change from fluctuating significantly with each adjustment. The frequency of interest rate changes along with a ceiling or cap can provide the consumer with an added security provision that will prevent interest rate volatility. The ARM loan also provides many different opportunities to borrow more money and have smaller mortgage payments at below market rates. This philosophy allows the consumer to buy and finance a larger dollar amount and still keep the payments at a qualifying level that is affordable and within their personal budgetary guidelines.