
An adjustable rate mortgage (ARM) is a mortgage loan where the interest rate on the note is periodically adjusted based on a variety of indices. Adjustable rate mortgages are characterized by their index and limitations on charges (caps). In many countries, adjustable rate mortgages are the norm, and in such places, may simply be referred to as mortgages.
When you choose an ARM loan, make sure to know at least three of the ARM facts, so that you are prepared when your fixed rate term ends.
1. When will your rate adjust the first time, and by how much?
This could be any term from 1 month to 7 years, so make sure…









Recent Comments