Last Wednesday, Fortune.com introduced Mia Taylor’s 1,850-word discussion of a question that many of today’s homebuyers may be pondering: “When is an adjustable-rate mortgage a good idea?” Just a year ago, when home loan interest rates were at historically low levels, the answer could have been dismissed more succinctly: “not now!”

Adjustable-rate mortgages (ARMs) are commonly offered in five-, seven-, and 10-year increments. These are 30-year loans that attract borrowers with temporary “introductory” bargain rates. The title periods specify the number of years after which the rates reset to reflect a level closer to then-current rates.:

When interest rates are high, some borrowers decide that, since rates are likely to move lower before the introductory period ends, they will have the option at that time to refinance at the lower rates—a winning scenario. But ARMs have the reputation of moving in the opposite direction—increasing “typically between 2% to 5%, according to the CFPB.”

Author Taylor does a thorough job of detailing the pros and cons that affect today’s homebuyers—particularly concentrating on first-timers who are finding fixed-interest rate mortgages all but prohibitive. As January began, St. Cloud ARM rates were between 5.5% and 6.16%, compared with standard 30-year fixed mortgages which started at around 6.6%. That level of difference can open one “pro” option: borrowers could choose to direct a portion of the saved money into paying down the loan’s principal “more aggressively.” 

On the “con” side, risk is the leading factor—one that can carry an emotional as well as a financial downside. Particularly for those who are unsure of how long they will remain in the home, the possibility that they will be in place when rates reset could render them unable to afford increased monthly payments. There are rules moderating adjustments “so they won’t go from 3% to 7% overnight,” but even so, they can rise steadily each year until they reach a specified peak rate.

The final answer to when an ARM is a good idea is pretty much what you’d expect: a different one that varies for every individual’s situation and outlook. Your trusted financial advisor will have valuable insight into that answer, as will your experienced real estate professional—I hope that’s me!

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