3/1 Arm Meaning

The "hybrid" refers to the ARM’s blend of fixed-rate and adjustable-rate characteristics. Hybrid ARMs are referred to by their initial fixed-rate and adjustable-rate periods, for example, 3/1, is for an ARM with a 3-year fixed interest-rate period and subsequent 1-year interest-rate adjustment periods.

A 3 year ARM, also known as a 3/1 ARM, is a hybrid mortgage. A hybrid mortgage combines features from an adjustable rate mortgage (arm ) and a fixed mortgage. The loan begins with a fixed rate for a specified number of years (in this case three), but then changes to an ARM with the rate changing once every year for the rest of the term of the loan.

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What’S A 5/1 Arm Loan 5/1 ARM example. Chemi wants to purchase a home, and she goes to her bank to get a mortgage. Her bank offers her a 5/1 adjustable-rate mortgage with 3.6 percent interest rate for the first five.

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A 3/1 adjustable rate mortgage (3/1 arm) is an adjustable-rate mortgage (ARM) with an interest rate that is initially fixed for three years then adjusts each year. The "3" refers to the number.

In An Arm The Index These are the latest available index values for Adjustable rate mortgages (arms). These values are used by lenders & mortgage servicers to calculate the new arm interest rate. borrowers can use them to verify impending rate changes for your ARM by using the hsh associates’ arm check Kit.

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