The 5/1 hybrid adjustable-rate mortgage, also known as a 5-year ARM, is a hybrid mortgage that offers an initial five-year fixed-interest rate before the rate becomes adjustable.
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The term 5/1 arm means that you will get five years of a fixed interest rate, followed by one-year increments of adjustable rates. This means that for the first five years of the mortgage, you are going to have the same interest rate and the same monthly mortgage payment.
For example, if you have a 5/1 ARM, it means that your rate is fixed for the first five years of the loan. After that, the loan can adjust once per year. 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.
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Definition. A 5 year ARM, also known as a 5/1 ARM, is a hybrid mortgage. A hybrid mortgage combines features from an adjustable rate mortgage (ARM) and a fixed mortgage. It begins with a fixed rate for a specified number of years, but then changes to an ARM with the rate changing every year for the rest of the term of the loan.
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A 3/1 ARM, for example, is a mortgage that carries a fixed rate for the. the loan's interest rate resets to 9% (5% + 4%), and the payment is now.
A popular "hybrid" ARM is the 5/1 year ARM, which carries a fixed rate for five years, Being tied to these index rates means that when those rates go up, your. 5/1 ARM. A 5/1 ARM is a loan with a fixed rate for the first 5 years that has a rate that changes once each year for the remaining life of the loan.
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One type of adjustable-rate mortgage is the 5/1 ARM, which has an initial. That means it's best to shop today's mortgage rates now, while mortgage rates are.