that they need to get out of? my rate just went up to 9%?

you should refinance your mortgage.

9%...you have to be kidding you should never go arm in an upward moving interest rate climate...rates will go up further because the US economy is in such BAD shape. Lock in for as long as you can afford to, or find another mortgage at a lower rate AND LOCK IN FOR 5-10-20 OR 30 YEARS or SELL YOUR PROPERTY NOW BEFORE THE BUBBLE BURSTS AND YOU LOOSE YOUR SHIRT. See http://www.realestatepays.com and post your property for sale at http://www.buysellrentads.com

The simplest definition is that your interest rate will change, or adjust, during the term of the loan. The adjustments will either lower or higher the monthly payment typically every 6 or 12 months. Borrowers considering this option should note that certain ARMs adjust as frequently as once a month. Always read the fine print before signing by the X. Fortunately, ARMs are not subjected to the arbitrary whims of the lender; they (the rates) are attached to a specific index over which the lender has no direct influence. The life term of an ARM has two distinctions: First, the interest rate is fixed for a determined amount of time ?anywhere from one month to 10 years. Second, after the initial period of fixed interest, the rate will adjust in accordance to the specified index to which the interest rate is tied. To increase the attractiveness of this option, provisions within the loan are established to prevent the interest rate from adjusting more (or less) than 1 to 5% from the previous rate. This is a contractual cap that will vary between lenders and their agreements. The term of the loan will also have a cap that dictates how much the interest rate of the loan can rise or fall beyond the rate of the loan at inception.