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Sub: #1 Arm
Replied on 12-08-2009, 12:21 AM
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Adjustable Rate Mortgage what is it?

Sub: #2
Replied on 12-08-2009, 12:26 AM
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A mortgage in which the interest rate is set regularly based on an index.

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Sub: #3
Replied on 12-08-2009, 04:12 PM
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ARM's come in different types, typically 3,5,7, 10 year. The shorter the term, the lower the interest rate. The rate you get is fixed for the term of the arm, thus a 5 year ARM gives you a fixed rate for 5 years. At the end of the 5th year your rate could go up or down depending on the current market rate.

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Sub: #4 good and bad
Replied on 12-09-2009, 02:26 PM
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They typically go up a point a year but most generally they are not good if you are going to be staying in your home a long time.

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