Adjustable rate mortgages or ARM's are popular because they
typically start with a lower interest rate, making your monthly
payments lower. This allows a borrower to qualify for a
larger mortgage than a fixed-rate mortgage would allow.
3-year ARM offers a fixed rate and monthly principal and
interest payments for the first three years of the mortgage.
After the 3 years the interest rate and monthly payments are
subject to change every 6 or 12 months as market conditions
change. The rate can only change within predetermined
limits and only by a specified amount each year, as well as
over the life of the mortgage loan.
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