**7/1 ARM:**A loan with a fixed rate for the first 7 years that has a rate that changes once each year for the remaining life of the loan. Because the interest rate can change after the first 7 years, the monthly payment may also change.**5/1 ARM:**A loan with a fixed rate for the first 5 years that has a rate that changes once each year for the remaining life of the loan. Because the interest rate can change after the first 5 years, the monthly payment may also change.**3/1 ARM:**A loan with a fixed rate for the first 3 years that has a rate that changes once each year for the remaining life of the loan. Because the interest rate can change after the first 3 years, the monthly payment may also change.**1/1 ARM:**A loan with a fixed rate for the first year that has a rate that changes once each year for the remaining life of the loan. Because the interest rate can change after the first year, the monthly payment may also change.