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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.
A 5/1 hybrid adjustable-rate mortgage (5/1 hybrid arm) begins with an initial five-year fixed-interest rate, followed by a rate that adjusts on an annual basis. The "5" in the term refers to the.
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Definition of a 5/1 ARM | Sapling.com – Definition of a 5/1 ARM. Adjustable-rate mortgages, or ARMS, are a trade-off. You sacrifice the stability of fixed monthly payments for the life of the loan in exchange for low introductory payments for a limited time. Known as a "hybrid" loan, a 5/1 ARM involves a fixed interest rate for the first five years and a variable rate that changes every year thereafter.
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A hybrid ARM has a honeymoon period where rates are fixed. Typically it is 5 or 7 years, though in some cases it may last either 3 or 10 years. Some hybrid arm loans also have less frequent rate resets after the initial grace period. For example a 5/5 ARM would be an ARM loan which used a fixed rate for 5 years in between each adjustment.
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· BREAKING DOWN ‘Adjustable-Rate Mortgage – ARM’. In contrast, a 5/1 ARM boasts a fixed rate for five years, followed by a variable rate that adjusts every year (indicated by the one). Similarly, a 5/5 ARM starts with a fixed rate for five years and then adjusts every five years. Contrary to that formula, a 5/6 ARM has a fixed rate for five years.
Definition of a 5/1 ARM | Sapling.com – Adjustable-rate mortgages, or ARMS, are a trade-off. You sacrifice the stability of fixed monthly payments for the life of the loan in exchange for low introductory payments for a limited time. Known as a "hybrid" loan, a 5/1 ARM involves a fixed interest rate for the first five years and a variable rate that changes every year thereafter.
What is better, a 5/1 arm or a 7/1 arm. We do not qualify for a fixed rate 15 year loan, and we plan to stay in the property for at least 10 moe yrs. Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.