This is an Adjustable Rate Mortgage; however, it’s different than a typical ARM in that your Annual Percentage Rate will stay the same for the first 5 years of the loan versus changing every year. After 5 years, the rate can adjust annually, depending on the market. Compared to a Fixed Rate home loan or a 5/5 ARM, the 5/1 ARM offers a lower APR initially, which can increase your buying power.VIEW RATES
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