An adjustable rate mortgage (ARM) is a home loan with an interest rate that may fluctuate from time to time based on a certain benchmark.
ARMs usually have caps that limit the interest rate and/or payments that can increase annually or over the life of the loan.
ARM may be a smart financial choice for homebuyers who plan to keep a loan for a limited period of time and can afford any potential interest rate increase.
2/28 adjustable rate mortgages (ARM) offer an initial fixed rate for two years, after which the interest rate is adjusted semi-annually for another 28 years.
An 80-10-10 mortgage consists of two mortgages: the first is a fixed-rate loan of 80% of the value of the home; the second - 10% as a loan secured by equity capital; and the remaining 10% as a down payment in cash.
A movable property loan is secured by a movable item or movable property that is used to purchase the loan. The creditor has the right of ownership of the movable property.
The holiday act literally releases the parties to the transaction from previous obligations, such as payments on the terms of the mortgage, because the loan is repaid.
An FHA 203(k) loan is a government-secured mortgage loan, which is essentially a construction loan that finances both the purchase and renovation of a home.