A 7/1 adjustable rate mortgage (7/1 ARM) is an adjustable-rate mortgage (ARM) with an interest rate that is initially fixed for seven years then adjusts each year. The "7" refers to the number.
7- to 10-Year ARMs1 Greater of the fully indexed rate or the note rate Lender ARM Plans Lender ARM plans interest rate entered in the ARM qualifying rate field. If an interest rate is not entered, DU uses the note rate + 2.0%. 1 The fully indexed rate is defined here as theindex plus margin entered in online loan application.
Morgage Rate Com What Is 5 1 Arm Mortgage Means A 5/1 hybrid adjustable-rate mortgage (5/1 hybrid arm) begins with an initial five-year fixed-interest rate, followed by a rate that adjusts on an annual basis. The "5" in the term refers to the.