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What is an ARM?

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What is an ARM?

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A. An ARM, or Adjustable Rate Mortgage,&#160is a loan&#160that has an&#160interest rate&#160that is&#160adjusted periodically based upon a pre-selected index. Rhode Island Housing does not offer Adjustable Rate Mortgage loans&#160to first-time homebuyers.

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A – An Adjustable Rate Mortgage – the rate for the loan will change (or adjust) on a regular basis after a set time period.

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