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What is an ARM mortgage loan?

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What is an ARM mortgage loan?

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An Adjustable Rate Mortgage. The interest rate, and hence the monthly payments, fluctuate over the period of the loan. With this type of mortgage, periodic adjustments based on changes in a defined index are made to the interest rate. The index for your particular loan is established at the time of application. Some well known ARM indexes are here: http://www.mortgage-x.com/general/mortga…

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