An adjustable rate mortgage (ARM) is a type of mortgage where the interest rate you pay on your home periodically changes, which impacts your monthly mortgage payment. The interest rates you’ve probably seen advertised for ARMs are usually a little bit lower than conventional mortgages .
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· 3 Reasons an ARM Mortgage Is a Good Idea. By Jordan Wathen Published March 29, 2017. It’s no wonder so many brokers seem to default to the assumption that locking in your rate is a good idea.
· Adjustable Rate Mortgages "ARM" By Tyron Coleman Mortgage Instructor Colorado – Duration: 7:20. tylaco 9,196 views
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An adjustable-rate mortgage, or ARM, is a home loan with an interest rate that can change periodically. This means that the monthly payments can go up or down. This means that the monthly payments.
Adjustable-Rate Mortgage vs. fixed-rate mortgage. The initial interest rate charged on an adjustable-rate mortgage will typically be lower than the interest rate on a fixed-rate mortgage, primarily because the lender is taking on less risk. That difference can make an ARM attractive because it reduces your monthly payment immediately.
Why take an adjustable rate mortgage (ARM)? Why not just take a fixed rate and not worry about what rates might do in the future? That’s a fair question, and a good one. Adjustable rate mortgages can be a good choice for borrowers who anticipate financing a property for a relatively short period of time, say three to five years.
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