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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. There may be a direct ...
Refinancing an ARM to a fixed-rate mortgage is a fairly common thing to do. Keep in mind that refinancing isn’t free, though — you’ll pay closing costs, just as you did on your original loan.
To get one, you might need to work with a mortgage broker who specializes in this type of loan. As with any financial decision, it depends on your unique circumstances. In the case of an open-end ...
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 ...
A fixed-rate mortgage (FRM) is a mortgage loan where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or "float". As a result, payment amounts and the duration of the loan are fixed and the person who is responsible for paying back the loan benefits from a ...
The reduction follows the 0.25% cut to the Bank of England base rate.
Mortgage Electronic Registration Systems, Inc. (MERS) is an American privately held corporation. [1] MERS is a separate and distinct corporation that serves as a nominee on mortgages after the turn of the century and is owned by holding company MERSCORP Holdings, Inc., which owns and operates an electronic registry known as the MERS system, which is designed to track servicing rights and ...
In fact, some people who get a mortgage never work with a broker at all, instead working straight with the mortgage banker from the get-go. Mortgage banker vs. loan officer