Tuesday February 07, 2012
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ARM - Adjustable-rate mortgages PDF Print E-mail

A mortgage with an interest rate and payment that change periodically over the life of the loan based on changes in a specified index.
In this type of loan, the rate changes anywhere from once in six months to once in five years to reflect interest rate changes. To sell an ARM, a lender will offer a lower initial rate than on a fixed loan.

 
 
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