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The Adjustable Rate Mortgages, (ARM's) are for 30 years but designed to be fixed for a certain period of time and then the interest changes every couple of months or every month.
One examples is 5/6 which would be a fixed rate for five years and then the rate changes every six months for the rest of the term.
Another example is 5/1 which would be a fixed rate for five years and then the rate chagnes every month for the rest of the term. | |
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