As you have decided to go for the adjustable rate mortgages, there are various things you need to keep in consideration while selecting a suitable ARM Lender. The best adjustable-rate mortgage lenders of 2024 are those who charge lower interest rates after the initial period. For the best adjustable rate mortgages the ARM lenders are chosen after taking in consideration the individual loan needs.Â
It is easy to compare adjustable rate mortgage rates of different lenders to find the best rate for you. It is important that you lock the rate today so that you can see how much you can save in the future. Before further ado let’s dig deeper into the details of best adjustable rate mortgage lenders of 2024.
Table of Contents
Best Adjustable Rate Mortgage Lenders of 2024 – Quick Overview
- NBKC Bank – Best ARM lender with easy custom rates
- New American Funding – Best adjustable rate mortgages for borrowers with non-traditional credit histories
- Guaranteed Rate – Great adjustable rate mortgages with lower rates
- First Horizon Bank – Good ARM lender with a wide range of mortgage options
- Rocket Mortgage – Great choice for adjustable rate mortgages
- Alliant – Best mortgage lender for jumbo loans
Charting the Best Adjustable Rate Mortgage Lenders of 2024
| Lender | Good for | Minimum Down Payment | Minimum Credit Score |
| NBKC Bank | Borrowers with good or excellent credit and a steady income. | 5% | 620 |
| New American Funding | Borrowers with fair or good credit. | 3% | 600 |
| Guaranteed Rate | Borrowers with a wide range of credit scores. | 5% | 580 |
| First Horizon Bank | Borrowers with good or excellent credit and a strong debt-to-income ratio. | 10% | 680 |
| Rocket Mortgage | Borrowers with good or excellent credit and a strong debt-to-income ratio. | 5% | 620 |
NBKC Bank
| Minimum Credit Score | 620 |
| Minimum Down Payment | 3% |
For all those who want ARM lenders with convenient digital experience and customer service can avail of the services of NBKC bank. Being the top pick among the best adjustable rate mortgage lenders, it specializes in VA loans. Various loans are available nationwide but some branches and loan types are limited to the Kansas City metro area. Anyone who is looking for phone assistance for full fledge mortgage process can give preference to the mortgage product.
Pros and Cons of No#1 ARM lender
| Pros | Cons |
| Offers a range of mortgage products that also include government-backed loans | HELOC and construction loans are only available in Kansas City |
| Comparatively low-interest rates as compared to the other Best adjustable rate mortgage lenders | |
| Shows customized rates just with the help of a few important information |
Best Mortgage Lenders for low down payments
If you are looking for a mortgage lender with small down payment than NBKC bank is one of the best choice . Although there are other lenders in the list too but its a rare mix of best adjustable rate mortgage lender with low down payment.
New American Funding
| Minimum Credit Score | 580 |
| Minimum Down Payment | 3% |
New American Funding is one the best adjustable rate mortgage lenders that offers various loaning options geared towards the first time home buyers. The company offers Buyer Accepted Program that can help the buyers to make competitive offers against the cash buyers. Through this efficient program, New American Funding purchases the home from the seller and then sell it off to the home borrower in original price along with the convenience fee. It is important to note that this solely available for VA loans.
Pros and Cons of No#2 ARM lender
| Pros | Cons |
|  Provides all the major mortgage options that include reverse and jumbo loans of up to $1 trillion | Does not disclose the lender fee charges |
| Â Customize loan terms for the duration of 8-30 years | Fully online application is not available to the users |
| Offers 14-day closing time on various purchases |
Guaranteed Rate
| Minimum Credit Score | 620 |
| Minimum Down Payment | 3% |
The mortgage products are readily available to the users in all the 50 US States. For in person assistance the branches are available in 47 states. Moreover, Guaranteed Rate is one the Best adjustable rate mortgage lenders that is geared towards individuals who don’t have a good credit score. This mortgage lender gained an A+ rating for the mortgage products and can easily get customized rates.
Pros and Cons of No#3 ARM lender
| Pros | Cons |
|  Fast mortgage approval process that just takes a day |  Origination fee is on the higher side as compared to the other best adjustable rate mortgage lenders |
| HELOC can be funded to the home buyer in just 5 days |  HELOC has shorter withdrawal period that may be not a good option for anyone who is looking for HELOC for a longer duration |
| Offers generous home loans that include government-backed loans , jumbo loans and much more |
First Horizon Bank
| Minimum Credit Score | Not Disclosed |
| Minimum Down Payment | 0% |
 First Horizon is one of the leading banks that offer both the personal and business banking services for a wide swath of loaning products. The home borrowers who are looking for government-backed loans , construction loans can explore all the options offered by this lender. Being the fine option among the best adjustable rate mortgage lenders, the banking customers are eligible for the loan discounts.
Pros and Cons of No#4 ARM lender
| Pros | Cons |
| A wide selection of home loans to accommodate different type of home buyers | Does not disclose the qualification, rate and other fee charges on the website |
| Â Offers HELOC and mortgage refinance options to the borrowers | Â Does not offer digital tools to fulfill the process of mortgage application |
| Loan discounts are available to various banking customers |
Rocket Mortgage
| Minimum Credit Score | 580 |
| Minimum Down Payment | 3.5% |
 Rocket Mortgage being one of the credible mortgage lenders let the borrowers put down 1% on home purchase while allowing the lender to cover 2% of the loan amount. As the robust mortgage option among the best adjustable rate mortgage lenders, it does not require private mortgage insurance payments. It specializes in the FHA loans with limited down payments for the ease of the users. The good aspect is that the mortgage rates are average but the origination fee is on the higher side.
Pros and Cons of No#5 ARM lender
| Pros | Cons |
|  Streamline online process with asset retrieval capabilities as well as the ability to edit preapproval letter |  Customized rates will ask for credit check that can impact your credit score |
|  Offers the option to work with the loan officers by phone |  Origination fee is higher  in comparison with the other best adjustable rate mortgage lenders |
| Largest FHA lender that provides complete assistance to users |
Alliant Credit Union
| Minimum Credit Score | Not Applicable |
| Minimum Down Payment | 3% |
 Alliant Credit Union offers adjustable rate mortgages with specific terms but does not offer government-backed loans to the users. Those who have membership can gain access to the mortgages at a lower rate. With great customer satisfaction, it receives a good user rating on Zillow. Moreover the origination fee ranging between the amount $995 -$1,350 will be charged to the user depending on the type of the loan. The good aspect is that it charges no application fee or membership fee to the users.
Pros and Cons of No#6 ARM lender
| Pros | Cons |
| Borrowers can easily apply online for the mortgage and the whole process is completely transparent | Â Does not offer FHA, VA or USDA loans |
| Â Offers customized rate quotes that show the detailed breakdown of the closing costs | Does not disclose the minimum borrower requirement online |
| Get up to $6,500 back through the Alliant Home Reward Program |
 In which conditions should you opt for adjustable-rate mortgages?
 The adjustable rate mortgages are suitable in the following cases
- If the borrower is planning to sell the property before and after the introductory fixed rate mortgage period
-  If the borrower has greater financial flexibility to afford higher mortgage payments in the near future
-  If the borrower is looking for starting mortgage payments that is lower than the fixed rate loans.
What are the mortgage requirements for the Best adjustable rate mortgage lenders?
 The ARM loan requirements for the best lenders are following :
- Home buyers can borrow up to $726,200 as the home loan in the year 2023 . But you can have the option to take ARM that exceeds the conforming loan limit. It is important to mention here that these loans are hard to secure.
-  With the higher credit score and reputable credit history you will be approved for the loan with the competitive interest rates. Lenders will also look closely to the details like debt to income ratio, which should be lower in this case.
-  It is advisable to put at least 20 % down so that you can avoid the private mortgage insurance which add to the total cost of the loan . Also most of ARM lenders allow you to put 5% down along with private mortgagee insurance.
 Frequently Asked Questions
 What lenders have the best rate?
NBKC offers the best lending experience along with a wide range of mortgage products to choose from. In the list of the adjustable rate mortgage lender, this one is regarded as the top choice.
 Is ARM a good idea in 2024?
 As the current mortgage rates are surging up, using the ARM can bring them back in the game. It is good to choose ARM as it offers interest rates lower than the fixed rate 30-year mortgages.
