What Is a 5/1 Adjustable-Rate Mortgage?
The introductory rate is lower than the rate for the most common pop in of home loan,30-year fixed-rate mortgages. But that doesn’t mean a 5/1 ARM is the best option for you. TAX SOFTWARE DEALS OF THE WEEK How does a 5/1 ARM work? To understand the basics of a 5/1 ARM, let’s look at the numbers. What happens when a 5/1 ARM rate adjusts? What index is used for a 5/1 ARM?...