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Conventional loans can be made to purchase or refinance homes with first and second mortgages on single family to four family homes. Most ARMs have an initial fixed-rate period during which the borrower’s rate doesn’t change. Adjustable-rate mortgages tend to be less expensive if you plan to move within seven years. After the fixed-rate, an ARM’s rate fluctuates at the same rate as an index spelled out in closing documents. The lender finds out what the index value is, adds a margin to that figure and recalculates the borrower’s new rate and payment. The process repeats each time an adjustment date rolls around.
Major Index: London interbank offered rate (LIBOR), the rate most international banks are charging each other on large loans.Apply Now
1. All loans are subject to approval.