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  • Added for You - What is a 5/1 ARM?

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    You know, with phrases such as the title above, and the myriad of paths the mortgage industry runs us down, it’s no wonder that the average consumer becomes lost in the process. Then, the mortgage market adds this new little product called the interest only loan, and presto, further confusion. Add to this fact that the interest only loan option can be
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    confusion. Add to this fact that the interest only loan option can be added to almost any mortgage product already in existence, and you have total chaos.

    Well, let’s take this puzzle apart, one piece at a time. The first piece to examine is the basic loan product: an Adjustable Rate Mortgage or ARM. An adjustable rate mortgage provides the co

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