An adjustable rate mortgage, called an ARM for short, is a mortgage with an interest rate that is linked to an economic index. The interest rate, and your payments, are periodically adjusted up or down as the index changes.
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Is a 5 Year Arm a Good Or Bad Idea? | Yahoo Answers – The ARM is only a good thing if you know 100% that you are going to be able to sell, or refi before the ARM resets. You would not be able to do either, without paying down the amount of the mortgage, if the amount owed was greater then the current resale value of the home.
Shopping for a Mortgage | Consumer Information – Shopping around for a home loan or mortgage will help you get the best financing deal. A mortgage – whether it’s a home purchase, a refinancing, or a home equity loan – is a product, just like a car, so the price and terms may be negotiable.
Is an Adjustable Rate Mortgage (ARM) a Good Idea? – Is an Adjustable Rate Mortgage (ARM) a Good Idea? 8.13.14; home loans, Mortgages; For August, it has been a hot topic to discuss the surge of adjustable rate mortgages (ARMs) experienced over the summer.
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According to Bankrate.com, the average rate for a 30-year fixed rate mortgage this month is 4.11 percent. The average for a five-year adjustable rate mortgage is 3.52 percent. That’s a difference in rate of just 0.59 percent per year. And that’s only good for five years.
Mortgage – Leominster Credit Union – Adjustable Rate Mortgages. Typically an ARM will be fixed for a predetermined period of time (5, 7 or 10 years) and then adjusts at preset intervals (every 1,
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3 Reasons an ARM Mortgage Is a Good Idea — The Motley Fool – 1. Lower rates help you build equity faster. 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 writing, the lowest rate advertised on a major mortgage site for a 5/1 ARM was about 3.2% compared to a rate of 3.9% for a 30-year fixed loan.
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