An adjustable-rate mortgage (ARM) is a type of 30-year home loan that starts with a fixed interest rate for a set number of years, usually between 3 and 10 years. After that, the interest rate can change each year, based on the market. For example, with a 5/1 ARM, your rate stays the same for the first 5 years, and then it can go up or down every year for the next 25 years.
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