Related FAQs
Thinking short-term? A 5/1 ARM fixes the rate for five years, then adjusts yearly. Learn about lower initial payments, rate resets, and whether it fits you. Read more
Thinking short-term? A 5/1 ARM fixes the rate for five years, then adjusts yearly. Learn about lower initial payments, rate resets, and whether it fits you. Read more
Learn what a co-op is, how cooperative housing works, and what ownership means. Understand fees, rules, and the role of the governing board in co-op living. Read more
Learn what a co-op is, how cooperative housing works, and what ownership means. Understand fees, rules, and the role of the governing board in co-op living. Read more
An adjustable-rate mortgage (ARM) is a loan that offers an initial period of fixed interest that then resets at a specified interval. Typically, you'll see an ARM expressed as two numbers. For example, a 5/1 ARM has a fixed interest rate for the first 5 years that then adjusts based on market rates every year after that. An ARM tends to have a lower initial interest rate than a fixed-rate mortgage. However, it does come with a certain amount of unpredictability. That's because when an ARM enters its adjustable period, its interest rate may trend up or down depending on the state of the market. Click here to get pre-approved and see what kind of adjustable rates you may be pre-approved for. Read more
An adjustable-rate mortgage (ARM) is a loan that offers an initial period of fixed interest that then resets at a specified interval. Typically, you'll see an ARM expressed as two numbers. For example, a 5/1 ARM has a fixed interest rate for the first 5 years that then adjusts based on market rates every year after that. An ARM tends to have a lower initial interest rate than a fixed-rate mortgage. However, it does come with a certain amount of unpredictability. That's because when an ARM enters its adjustable period, its interest rate may trend up or down depending on the state of the market. Click here to get pre-approved and see what kind of adjustable rates you may be pre-approved for. Read more