You need to get a notice in the mail at least 15 days prior to the main transfer. A fully amortizing payment is a periodic finance payment made according to a routine that ensures it will be repaid by the end of the financing's set term. A 5/1 variable-rate mortgage is an ARM that keeps a set rate of interest for the very first five years, after that changes every year afterwards. ARMs usually have limits, or caps, on just how much the interest rate can increase each time it adjusts and in overall over the life of the loan.