What Is a 10 1 Arm?

Answer

10/1 ARM (Adjustable Rate Mortgage) is a mortgage that runs for 10 years on a fixed rate and becomes an adjustable rate mortgage on the eleventh year. When the normal schedule is adhered to, the loan will be payable in ten years.
Q&A Related to "What Is a 10 1 Arm"
The "10" in "10/1" means the loan has a fixed interest rate and payment for the first 10 years of the loan. For example, a 10/1 ARM with a 6 percent fixed interest
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A 5/1 arm is an adjustable rate mortgage (arm) which is used to purchase or refinance a home. The 5 refers to the number of years that the interest rate is fixed. After the initially
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A 10/1 ARM is an adjustable rate mortgage where the interest rate of the loan is fixed for 10 years and then adjusts (up or down) in the 11th year. The rate is ...
An "arm" is a part of your body, unless of course you are talking about an adjustable rate mortgage. In that case, its a mortgage whose interest rate ...
An "arm" is a part of your body, unless of course you are talking about an adjustable rate mortgage. In that case, its a mortgage whose interest rate ...
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