The 5/1 hybrid adjustable-rate mortgage, also known as a 5-year ARM, is a hybrid mortgage that offers an initial five-year fixed-interest rate before the rate becomes adjustable.
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Adjustable rate mortgages can have a variety of caps to limit the changes to the loan. Some ARMs have periodic change caps, which limit the amount the interest rate can change each adjustment. For example, a 1 percent periodic cap on a 3/1 ARM would mean that the interest rate could not increase or decrease more than 1 percent after each year.
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.
Basically, an ARM is a mortgage loan that has an interest rate that adjusts, or changes, usually once a year. The benefit of an ARM is that it gives you a lower initial interest rate than a fixed rate mortgage. However, an ARM also caries the risk that the interest rate is likely to go up.
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Put simply, the 5/1 ARM is an adjustable-rate mortgage with a 30-year loan term that’s fixed for the first five years and adjustable for the remaining 25 years. So during years one through five, the interest rate never changes. If it starts at 4%, it remains at 4% for 60 months. Nothing to worry about there.
When an adjustable-rate loan could be the better choice. As I mentioned, the 5/1 ARM mortgage comes with a lower interest rate, but its cost is certain only for the first five years.
DEFINITION of ‘Adjustable-Rate Mortgage – ARM’. An adjustable-rate mortgage (arm) is a type of mortgage in which the interest rate applied on the outstanding balance varies throughout the life of the loan. Normally, the initial interest rate is fixed for a period of time, after which it resets periodically, often every year or even monthly.
Also known as an ARM loan, an adjustable-rate mortgage loan is a loan that allows borrowers to take advantage of compressed rates. Peter Lorimer of PLG Estates explains the benefits and risks. For.