Wednesday, April 29, 2009

Adjustable Rate Mortgages

10/1 ARM7/1 ARM3/1 ARM1 year ARM6 month ARM1 month ARM
Lower initial monthly payment
Lower payment over a shorter period of time
Rates and payments may go down if rates improve
May qualify for higher loan amounts
More risk
Payments may change over time
Potential for high payments if rates go up.

2 comments:

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