An Adjustable Rate Mortgage, or ARM, is a loan which provides a fixed rate for an
initial period of time. During that period, the rate does not change. Once that period
is over for that specific type of ARM mortgage, it then converts to an adjustable rate
based on assigned terms. From that point on, an adjustable rate mortgage rate will
adjust typically every year based on current mortgage rates.
The benefits of an adjustable rate mortgage include:
Low initial mortgage rate
Low initial monthly payment
Borrower may qualify for a higher loan amount than with a fixed
rate
After the initial fixed rate period, market mortgage rates could go down, which would
mean you could end up with a lower monthly payment than you had originally.
Adjustable rate mortgages can be found with many different initial fixed rate terms and
typically include a 3 year ARM, 5 year ARM, 7 year ARM and a 10 year ARM mortgage.
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