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How ARM rates work: 3/1, 5/1, 7/1 and 10/1 mortgages ARM rates more attractive for buying and refinancing. Call to ARMs: fixed rates on the move. ARMs vs fixed: when ARMs are strong. ARMs can affect your buying power. The ARM’s moving parts: how they work together.
Adjustable-Rate Mortgage – ARM: An adjustable-rate mortgage (ARM) is a type of mortgage in which the interest rate applied on the outstanding balance varies throughout the life of the loan.
3/1 Adjustable Rate Mortgage. This 30-year loan offers a fixed interest rate for the first 3 years and then turns into a 1 Year Adjustable Rate Mortgage for the remaining 27 years of the loan. This loan has recently become quite popular by those seeking to minimize monthly payments while accepting a certain amount of risk.
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.
Home Refinance Quotes. (It only takes 3 minutes!). One common adjustable- rate mortgage is known as a 5/1 ARM. It has an initial fixed rate for. How 5/1 ARMs stack up against fixed-rate mortgages. Pros and cons of 5/1.
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 of initial years with a fixed rate, and the "1" refers to how often the rate adjusts after the initial period.
Use the following tabs to switch between current local 3/1 ARM rates & our 3/1 ARM calculator which estimates adjustable rate mortgage loan payments.
This calculator estimates the monthly principal & interest payments on an adjustable rate mortgage. It also enables borrowers to create printable amortization.
A 3/1 ARM can get you into the same house but with lower initial monthly payments. With a 3 year ARM you may be able to start out with a 6.25 percent interest rate, therefore making your monthly payments $985.15 for the first 3 years of the loan. However, after the 3 year fixed period, the interest rate can change based on the index.