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This rate will never exceed five percentage points above the initial rate (the ceiling).A fixed-rate mortgage provides a reliable and fixed monthly payment for the life of the loan.So, now that you know a little more about ARMs and fixed-rate mortgages here are a few things you should consider when making a decision about which mortgage will best suit your needs: The Takeaway: When it’s all said and done, the goal is to get you into the home of your dreams or refinance your existing home without breaking your pockets.

(for instance, there are a few lenders that offer a low rate, but if you need to pay the mortgage out early, the cost is prohibitive.While this reputation was justified in the past, most of those exotic ARMs no longer exist.Today, financial institutions offer hybrid ARMs—like Pen Fed’s 5/5 ARM, which has a fixed-rate for five years and then the rate adjusts once every five years.Fear not, all ARMs have caps—a limit on the amount the interest rate can adjust—and ceilings—the highest the interest rate is allowed to become during the life of the loan.


Using Pen Fed’s 5/5 ARM as an example, the initial interest rate will change every five years by no more than two percentage points up or down (the cap).

This is a unique mortgage product as most ARMs adjust annually after the initial fixed terms.


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