what is an arm: What Is An ARM?
- 01/14/09 01:51 AM
ARMS are adjustable rate mortages. People usually use arms because they are usually cheaper ..ie a better interest rate than the fix mortgages. The A in Arm stands for adjustable which means they they will change after a given period of time. Does that make the arms a bad product? Not necessarily. They could be the right choice for a number of people. Here are some common ARMS: 10/1 ARM Mortgage - the rate is fixed for 10 years, then adjusts every year (up to the cap, if any) 7/1 ARM Mortgage - the rate is fixed for 7 years, then … (0 comments)
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ARMS are adjustable rate mortages. People usually use arms because they are usually cheaper ..ie a better interest rate than the fix mortgages. The A in Arm stands for adjustable which means they they will change after a given period of time. Does that make the arms a bad product? Not necessarily. They could be the right choice for a number of people. Here are some common ARMS:;)
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