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Adjustable Rate Mortgages - Century Mortgage Lending
What is an adjustable rate mortgage? Adjustable Rate Mortgages (ARMs) are based on a 30-year term and are represented by two numbers (i.e. 5/1 ARM). The first number indicates the initial fixed-rate period and the second number indicates how many years after the fixed-term until the rate can be adjusted. In general, the shorter …