Tag: interest-only ARM
How do 7/1 Interest-only ARM’s work?
With a 7/1 interest-only ARM the loan will carry a fixed rate for the initial 7 years of the loan. After that, the interest rate will adjust on an annual basis. For the first 7 years of the loan the borrower may make interest-only payment on the outstanding balance. At the end of 7 years [...]
Posted: June 3rd, 2008 under ARM's, General Mortgage Info., Mortgage Programs.
Tags: 7/1 ARM, interest-only ARM
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