ADJUSTABLE RATE MORTGAGE

An adjustable-rate mortgage (ARM) is a mortgage loan with the interest rate on the note periodically adjusted based on a cost index. The loan may be offered at the lender’s standard variable rate/base rate. For example: A 5/1 (ARM) The rate would be fixed for 5 years. On the sixth year the rate would adjust and every year thereafter the rate would adjust. On a 5/5 (ARM) the process would be the same, however on the sixth year the rate would adjust and every 5 years thereafter adjust again.

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