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As the name suggests, this is a home loan with an interest rate that is regulated based on market conditions. The initial interest rate is fixed for a time period, however, later, that rate changes periodically.
ARM is also known as a floating mortgage, and its interest rate is based on an index or benchmarks. ARM would be a smart financial choice for those people that are planning on paying off the loan in full within a specific time period or those who won’t be financially hurt when the rate is adjusted.
There are different types of ARM, and if you don’t know which one to pick, call Champions Mortgage, and our experts will help you find the best solution.
