Adjustable Rate Mortgage

Adjustable Rate Mortgage

With an adjustable rate mortgage, your initial interest rate remains fixed for a period of time (often 5, 7 or 10 years). After that, your interest rate is subject to adjustment at predetermined intervals. These adjustments are based on the current interest rate, but adjustment caps limit how much an interest rate can change in a specified time period.

The benefit to ARMs is that they typically have lower interest rates than fixed loans initially. These loans are good if you don’t plan to live in the home for a long period or expect interest rates to adjust downward.

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