7 1 Arm Mortgage RatesEncumbrances 7 1 arm Mortgage rates
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This resource can help you get more in charge of your mortgage. The A 7/1 ARM is a variable interest mortgage that provides a floating interest for the first seven years. At the end of the lock-up term, the interest rates change each year on the basis of the index value at that point in that year. Here is how 7/1 ARMs compare to other credit types:
Mortgage rates for the first seven years of a 7/1 ARM are often much lower than a mortgage at a set interest level, which means you get a lower mortgage per month and you have to spend less interest. It is important to keep in mind that the interest rates for a 7/1 ARM can vary every year once the original term ends, which means that your mortgage repayments could rise every year.
7.1 ARM home mortgages are often a good option for house owners who know that they will sell their home before the specified term expires, and want the lower interest rates of a variable interest mortgage.