ARM Mortgage Tag

Introduction If you’re looking to buy a home, you probably have your eye on something that you think will make your life easier. Maybe it’s a three-bedroom apartment in the city or an open-concept two-bedroom house in the suburbs. Whatever it is, though, if there’s one thing, we all want from our homes it’s affordability—and the best way to achieve that is with an adjustable-rate mortgage (ARM). It sounds complicated but they’re pretty simple. Here's everything you need to know about this type of loan: Adjustable rate mortgage An adjustable-rate mortgage (ARM) is a type of loan that allows borrowers to make payments based on the index, which changes over time. When an ARM was first introduced, it allowed homeowners to lock in their interest rate for up to 15 years. Today, ARMs come in many different forms and can have terms as long as 30 years or longer. The most common types of ARMs are: ...

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