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Variable Interest Rate: A variable interest rate loan, often referred to as an ARM (adjustable rate mortgage) is a mortgage that has an interest rate that can adjust. Typically, the interest rate is tied to an index (Prime, LIBOR, COFE) and will move with the index rate. The amount that the interest rate can adjust, and even when it can adjust, varies with the different loan programs out there. A Variable Interest Rate should be used when market rates are declining and/or stable to keep your payment and rate lower than it would be fixed, or if you are going to be holding onto the property ...