You can save some money when you get a mortgage with an adjustable interest rate, especially when rates are low. This option also is helpful for providing more breathing room.

Here's how ARMs work: You get a fixed rate for a few years before the mortgage adjusts annually, based on a particular index value. Point is, you either want to sell before your rate increases or refinance your mortgage. But you'll save money upfront because the intro rate is lower than a fixed-rate option.

• Increases the availability of credit.

• Get a fixed rate for 3, 5, 7, or 10 years before the mortgage starts to adjust.

• If you are planning to sell your home before the fixed rate term adjusts your rate upward this program is ideal.

• Get a mortgage with as little as 5% down payment.