5-1 HYBRID ADJUSTABLE-RATE MORTGAGE - 5-1 HYBRID ARM
Adjustable-rate mortgage with a fixed interest rate for five years. After this period, the interest rate becomes floating annually based on an index plus margin or fully indexed interest rate. Normally, the interest rate cap structure limits the pace and the extent to which the margin can be changed. There are various indexes the margin might be linked to. While the index is variable, the margin is fixed for the loan’s life span. Also called five-year fixed-period ARM.
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