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Personal Banking \ Mortgage Loans

Adjustable Rate Mortgage

 

Smart Choice if: An Adjustable Rate Mortgage (ARM) can be a good idea for those buyers who are positive that they will not be living forever in the property they are thinking of buying
Uses: Usually used to purchase your primary residence
Interest Rates & Terms: ARM's typically allow buyers to pay a fixed amount for a specific number of years, and then that amount is subject to change on a regular basis.  The rate is usually tied to an economic index.