10/5 Adjustable Rate Mortgage A Flexible Low Rate Mortgage from Langley Federal Credit Union With a 10/5 Adjustable Rate Mortgage (ARM), your initial rate is fixed for ten years and is subject to increase or decrease every five years thereafter.
ARMs and interest-only loans could appeal to certain borrowers. of new mortgages within the next few years, up from less than 5% today.
Adjustable-Rate Mortgages (ARMs) begin with a fixed interest rate and then adjust up. For example, a 5/5 ARM would have the same interest rate for the first 5.
ARM Strength. The advantage of a 5/1 ARM is that during the first phase, you get a much lower interest rate and payment. If you plan to sell in less than six or seven years, a 5/1 ARM could be a smart choice. In a five year period, that savings could be enough to buy a new car or cover a year’s college tuition.
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Want the lower initial interest rate of an adjustable-rate mortgage (ARM) with at least some of the stability of a fixed-rate loan? The 5/5 ARM.
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· An adjustable rate mortgage, called an ARM for short, is a mortgage with an interest rate that is linked to an economic index. The interest rate and your payments are periodically adjusted up or down as the index changes.
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A 5/5 ARM Loan is a loan that has an adjustable interest rate. Your rate is locked in for five year increments and can adjust every fifth year. The Process: To help make the process easier to understand we have laid out some basic steps involved in purchasing or refinancing your home.