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With
a 10/1 ARM the monthly interest rate for this is fixed and
stable for an initial term of 10 years. Each year after
the initial 10 years the rate will be adjusted. The 10/1
ARM loan may be converted or refinanced to a fixed interest rate
mortgage loan and is typically assumable after the initial 10
year period.
An
10/1 ARM is considered riskier than a fixed rate mortgage
because your payment could change significantly. Because
of this risk factor, the initial rate is typically quite a bit
below 30-Year fixed rate mortgage loans.
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