The most common ARM loans are 5/1 & 7/1 loans with the 3/1 & 10/1 being relatively less popular. Loans can also be structured using other less common.
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The obvious advantage of an adjustable-rate mortgage is that they carry lower interest rates during the fixed period of the loan. At the time of.
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or an I-O mortgage. The ARM option shows a ratio such as "7/1,” which represents the number of years the mortgage carries a fixed interest rate. After the pre-set number of years (in this case, 7),
The biggest advantage of a 7/1 ARM mortgage is the initial low interest rate. adjustable rate mortgages generally have lower interest rates than fixed rate loans, so getting a 7/1 ARM could save you a considerable amount in interest. 7/1 ARMs are often seen as a good choice for home shoppers who plan to live in their home for 7 years or less.
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Types of Adjustable Rate mortgages. hybrid arms: hybrid arms offer a mixture of fixed and adjustable rate terms, and are usually listed as 3/1, 5/1, 5/5, 7/1, 10/1, or 15/15. The number appearing before the slash refers to the number of years the APR will be fixed, while the number after the slash refers to adjustment interval in years.
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