What Does 5/1 Arm Mean

For instance, a 5/1 ARM has a fixed rate for five years, and then its rate would reset once a year for the remaining 25 years of its term. The "5" in the loan’s name means it’s fixed for five years, and the "1" means it can reset every year after that, within restrictions called "floors" and "caps.".

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A 5-year ARM (also referred to as a 5/1 ARM) is a certain kind of ARM. An ARM, which stands for adjustable-rate mortgage, is a type of mortgage where the interest rate fluctuates with a given index (such as the LIBOR or CD indices).

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What Is A 5 1 Arm Loan Mean  · Best Answer: HI Jennifer U, In a 5/1 ARM interest rates are fixed for a period of five years. After the fixed rate period, your interest rate can adjust up or down depending on market conditions and what the interest rates are doing. It’s a gamble, but one that can save you quite a bit of money in the short.

A 5/1 ARM is a loan with a fixed rate for the first five years. After that, it has an adjustable rate that changes once each year for the remaining life of the loan. arm stands for adjustable rate mortgage. If the interest rate goes up after five years, the borrowers payment could also go up.

Arm Rate Adjusted Rate Mortgage Reamortize Definition Amortize | Definition of Amortize by Merriam-Webster – Definition of amortize. transitive verb. 1: to pay off (an obligation, such as a mortgage) gradually usually by periodic payments of principal and interest or by payments to a sinking fund amortize a loan.Getting an adjustable-rate mortgage as interest rates rise can be risky. Here are two situations when ARMs are a good idea – and two when.Learn the difference between a fixed rate mortgage and an adjustable rate mortgage (ARM) loan. Which type of loan is best for you? Find out.

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Best Answer: Christopher gave you a great answer about what an ARM is, I will expand to tell you that adding the "interest only" option on an ARM is probably not what you want to do. The fact the you don’t know what it its, is evidence that it’s not for you. Interest only is a non-amortizing loan. Most interest only loans are for a set period of 10 years, this means that for the first 10 years.

The bottom line is that when your mortgage rate adjusts, so does your mortgage payment. When interest rates are falling, this is a good thing because lower rates mean lower payments. average.