An adjustable rate mortgage, ARM, is a type of mortgage in which the interest rate paid on the outstanding balance varies according to a specific benchmark. The initial interest rate is normally fixed for a period of time after which it is reset periodically. The interest rate paid by the borrower will be based on a benchmark plus an additional spread, called an ARM margin. These mortgages are also commonly referred to as variable-rate mortgages or a floating-rate mortgage.
Perennial Funding LLC, 161 Washington St. Suite 950, Conshohocken, PA 19428
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*By refinancing your existing mortgage your total finance charges may be higher over the life of the loan.
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