What Is a 5/6 ARM Mortgage in Canada?
What Is a 5/6 ARM Mortgage in Canada? A 5/6 ARM (Adjustable Rate Mortgage) is basically a “mystery box” for your mortgage payments. “5” = fixed rate for 5 years “6” = adjusts every 6 months after that It’s perfect if you love living on the edge, checking your mailbox, and getting heart palpitations when rates change. Pros: lower initial rates. Cons: future rate surprises. Tip: Use it if you expect higher income soon or plan to sell before the adjustment kicks in. Follow our blog for funny, practical insights on ARM mortgages, fixed rates, and surviving your mortgage! Informational purposes only. Rates and terms vary by lender. Consult a licensed financial advisor.