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CENTURY 21 |
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Mortgages and Loan ProgramsAdjustable Rate Mortgage (ARM)[ 10/1 ARM ] [ 7/1 ARM ] [ 5/1 ARM ] [ 3/1 ARM ] A 10/1 Adjustable Rate Mortgage provides a fixed initial rate of the loan for the first ten years of repayment. After 10 years, the rate adjusts every year thereafter for the remaining life of the loan. The loan is amortized over 30 years, so you’ll enjoy the stability of a 30 year mortgage at a lower price than a fixed rate mortgage of the same term. But an ARM is likely not the best choice if you’re planning on owning the same property for more than 10 years. |
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