What You Should Know About ARMs

Adjustable rate mortgages, or ARMs, are mortgages with varying interest rates that are usually determined by performance of benchmark indexes. As the index rate changes, your rate of interest will be adjusted periodically.

Here is a brief ARM glossary:

Index- The index is essentially a guide that lending institutions use to measure changes in the interest rates. All ARMs are linked to specific indexes.

Adjustment period- This is the time between Read More

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