Under the "Monthly Payment" tab for homes being offered, there are three catagories:

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30 Yr. fixed, 15 Yr. Fixed and 5/1 ARM. What is the ARM category? thank you
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August 27 2010 - Atascadero
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Profile picture for dacolan
ARM stands for Adjustable Rate Mortgage. A 5/1 ARM means the initial interest rate applies for five years, after which the rate adjusts based on current market rates and the terms of the loan.

Avoiding an ARM loan is almost always in your best long-term interests, especially considering the historic low rates today.
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August 27 2010
 

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