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Adjustable-rate mortgage. A variable-rate mortgage, adjustable-rate mortgage (ARM), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets. [1] The loan may be offered at the lender's standard variable rate/ base rate.
5/6 and 5/1 ARMs: 5/6 and 5/1 ARMs offer a fixed intro rate for the first five years of the mortgage, then switch to an adjustable rate for the remaining 25 years. 5/6 ARMs adjust every six months ...
15-year fixed-rate mortgage: If it’s the interest rate you’re worried about, consider a 15-year fixed-rate loan. It generally carries a lower rate than its 30-year counterpart.
How adjustable-rate mortgages (ARMs) work. An adjustable-rate mortgage has an interest rate that changes at set intervals after a fixed-rate introductory period. Intro periods are most commonly ...
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For high-ratio mortgage (loan to value of more than 80%), which is insured by Canada Mortgage and Housing Corporation, the rate is the maximum of the stress test rate and the current target rate. However, for uninsured mortgage, the rate is the maximum of the stress test rate and the target interest rate plus 2%. [ 21 ]
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