• you are considering a 5 1 arm

  • Answers

  • what is it A 5/1 ARM is a type of adjustable-rate mortgage where the initial interest rate remains fixed for the first five years and then adjusts every year after that. The "5" in the term refers to the number of years with a fixed rate, and the "1" refers to how often the rate adjusts after that.

    • Answered:

      Ashlee Mclean

    • Rate answer:

  • mortgage A 5/1 ARM is a type of adjustable-rate mortgage (ARM) for which the interest rate remains fixed for the first five years of the loan, and then adjusts annually for the remaining life of the loan. A 5/1 ARM has a lower initial interest rate than most other types of mortgages, making it attractive to homeowners who plan to stay in their home for just a few years. However, the interest rate can increase considerably after the five-year period, making a 5/1 ARM a potentially riskier product.

    • Answered:

      Abigail Keith

    • Rate answer:

  • Do you know the answer? Add it here!

    Answer the question
Recent Questions
Information

Visitors in the Guests group cannot leave comments on this post.

Top Users
All things