PERIODIC ADJUSTMENTS

Adjustable-Rate Mortgage

An ARM is a mortgage loan with an interest rate that is adjusted periodically based on certain parameters.

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Understanding ARMs

The 5-year and 7-year adjustable-rate mortgages are the most common although other terms are often available (from 3 to 10 years).

Basic elements of ARMS:

ARM examples:

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ADJUSTABLE-RATE MORTGAGE

Advantages

ADJUSTABLE-RATE MORTGAGE

Disadvantages

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MORTGAGE CALCULATOR

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