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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.
How to be on the winning side as mortgage war hots up – But they are not always. borrowers with trackers can prepare for rates going up. “They could overpay to drive down the mortgage more quickly and make the low rates work harder. That will also help.
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What is an advantage of an adjustable-rate mortgage? A. – What is an advantage of an adjustable-rate mortgage? A borrower always knows how much to pay the bank each month. A borrower can purchase a home with little financial risk. A drop in interest rates may result in lower monthly payments. A rise in interest rates may result in lower monthly payments.
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Adjustable-rate mortgage – Wikipedia – A variable-rate mortgage, adjustable-rate mortgage (ARM), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets. The loan may be offered at the lender’s standard variable rate/base rate.
REE 3043 Exam 3 Flashcards | Quizlet – On an adjustable mortgage, do borrowers always prefer smaller (i.e. tighter) rate caps that limit the amount the contract interest rate can increase in any given year or over the life if the loan? Explain why or why not.
Unlike a fixed rate mortgage, the interest rate on an ARM loan adjusts to the market after a set period. For example, a 7 Year ARM will adjust after the first 7 years of the loan. Since the initial interest rates and payments are lower than Fixed Rate Mortgages, many borrowers choose an ARM option as they offer savings up front.
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ARM vs. fixed is a big decision for mortgage shoppers. Know the differences between adjustable- and fixed-rate mortgages so you can choose the right loan for you.