NEW YORK (CNN/Money) - Adjustable rate mortgages have grown in popularity as home prices swelled. Homebuyers love them because their low initial rates allow buyers to stretch their mortgage dollars to buy the home they dream about.

But these loans come with built-in risks. Because rates adjust periodically, your payments rise as rates move higher.

Now that we're in a rising rate environment, some homeowners may have buyer's remorse about their loan choices. What can you do to soften the blow? Here are today's 5 Tips.

Here's a nightmarish scenario: You've got a 3/1 hybrid adjustable ARM, meaning your mortgage rate was fixed for three years and then adjusts once a year after the initial fixed-rate period ends. You've enjoyed a relatively low rate for the past few years, but now you're worried that the party is over.

If you're only going to be in the home a short time longer, perhaps only another year or so, you may want to do nothing at all.

That's right. Your rate will likely be adjusted higher but there are limits to how high that rate can go -- called rate caps -- and it may not be worth the cost of refinancing to change mortgages.

Typically, a cap is plus or minus 1 percent, if your rate adjusts at six month intervals or plus or minus 2 percent over the course of the year.

For example, if your new payment is only $100 more a month, and you'll only be in the home another year, that's $1200 vs. the cost of refinancing, which can be as much as 2.5 percent of your loan amount.

Now, if you choose to stay in your home for another three to five years, you could opt for another ARM.

If you're trying to figure out whether you should refinance, log on to Bankrate.com and check out their "Should You Refinance" calculator. The calculator can help you weigh the costs of fees and points.

If you do refinance into another ARM, consider how much longer you want to keep paying for your house. Do you want to pay it off in 25, 20 or even 15 years?

CNNfn's Gerri Willis shares five tips on how to convert your adjustable mortgage to a fixed rate. Play video (Real or Windows Media)

According to Bob Walters, chief economist at Quicken Loans, signing on for another ARM will probably get you another relatively low rate, but it will also extend your payment horizon unless you start paying more than the minimum -- and pay down the balance of your loan.

When you're refinancing, make sure there are no pre-payment penalties and if you can afford to, pay a bit more each month.

If, when you signed on for your ARM, you happened to sign up for a convertible one, you have additional flexibility. Convertible ARMs allow you to literally convert your adjustable rate mortgage to a fixed rate one.

Current Mortgage Rates   Type Overnight avgs 30 yr fixed mtg 5.34% 15 yr fixed mtg 4.86% 30 yr fixed jumbo mtg 6.51% 5/1 ARM 4.56% 5/1 jumbo ARM 5.25% Find personalized rates:

Of course, the privilege isn't free. You'll pay a higher initial rate or fixed rate if you convert, or fees that can be a couple hundred dollars or more.

Greg McBride of Bankrate.com says convertible ARMs are ideal when rates are this low because of the opportunity to lock in an attractive fixed rate loan. Make sure you're comfortable with the terms of your convertible ARM before you convert. And remember, there is a downside to the convertible ARM -- you can't shop around for rates among lenders.

When the fixed rate portion of your ARM is up, you don't just want to sign on for any old ARM loan without shopping around.

Sounds obvious, right? Well, it's actually more complicated than it sounds. How do you know whether a 5.4 percent 5/1 ARM with $1,000 in fees and 3 points is better than a 5.6 percent ARM without any fees or points?

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That's where the APR (annual percentage rate) comes in. Most people focus so intently on the interest rate of their loans, they may not know to look at the APR.

But the APR is a better barometer of the true cost of the loan because this number takes into account fees and points in addition to interest rates. Lenders are required to give you this information, you just have to know to look for it.

If you're mulling a change, you'll want to do more than just call your original mortgage broker. Let's face it, the bankers make their money from underwriting new loans.

To get details on what mortgages rates are in your area and which institutions are offering the best deal, check out Bankrate.com and hsh.com.

Gerri Willis is a personal finance editor for CNN Business News. Willis also hosts CNNfn's Open House, weekdays from Noon to 12:30 p.m. (ET). E-mail comments to 5tips@cnn.com.