An adjustable rate mortgage, called an ARM for short, is a mortgage with an interest rate that is linked to an economic index. The interest rate, and your payments, are periodically adjusted up or down as the index changes.
ARM – What does ARM stand for? The Free Dictionary – Goe MICHAEL of Celestial Armies Prince, And thou in Military prowess next GABRIEL, lead forth to Battel these my Sons Invincible, lead forth my armed Saints By Thousands and by Millions rang’d for fight; Equal in number to that godless crew rebellious, them with Fire and hostile arms fearless assault, and to the brow of Heav’n Pursuing drive them out from God and bliss, Into thir place of.
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DEFINITION of ‘Adjustable-Rate Mortgage – ARM’. An adjustable-rate mortgage (ARM) is a type of mortgage in which the interest rate applied on the outstanding balance varies throughout the life of the loan. Normally, the initial interest rate is fixed for a period of time, after which it resets periodically, often every year or even monthly.
A 5 year ARM, also known as a 5/1 ARM, is a hybrid mortgage. A hybrid mortgage combines features from an adjustable rate mortgage (ARM) and a fixed mortgage. It begins with a fixed rate for a specified number of years, but then changes to an ARM with the rate changing every year for the rest of the term of the loan.
Arm – definition of arm by The Free Dictionary – arm abbr. adjustable-rate mortgage arm1 arm 1 (rm) n. 1. An upper limb of the human body, connecting the hand and wrist to the shoulder. 2. A part similar to a human arm, such as the forelimb of an animal or a long part projecting from a central support in a machine. 3. Something, such as a sleeve on a.
A 5/1 adjustable-rate mortgage, or ARM, is a mortgage loan that has a fixed rate for the first five years, and then switches to an adjustable-rate mortgage for the remainder of its term. Once a.
An adjustable rate mortgage is a loan that bases its interest rate on an index. The index is typically the Libor rate, the fed funds rate, or the one-year Treasury bill.. An ARM is also known as an adjustable rate loan, variable rate mortgage, or variable rate loan.