5/1 Arm Definition
Contents Market rates rise Home loan options Handy calculators. adjustable Rate. purchase. 15 year fixed. 5 year arm All adjustable-rate mortgages have an overall cap. It would also help to be familiar with these terms in their numerical form, as this is the way in which your lender will illustrate the type of ARM you qualify for. 5/1: The five represents the amount of years the interest rate is fixed. The one indicates that the interest rate will adjust. 3/1 Arm Meaning The 5/1 hybrid adjustable-rate mortgage, also known as…
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