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What is an Adjustable Rate Mortgage?
An adjustable rate mortgage— or ARM—is a mortgage in which the interest rate is adjusted periodically based on a pre-selected index. These typically have a lower rate for the starting period which might be 1, 3, 5, 7, or even 10 years. During this initial period, the interest rate will not adjust. After the initial period, the rate will typically adjust annually. They will usually provide a lower monthly payment and perhaps allow you to finance more. If you plan to refinance later or do not plan to stay in the home for a long period of time, this might be a good alternative.
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