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KEY TERMS IN HOUSING AND MORTGAGE FINANCING (HUD 2025)
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12

February 2025

2024/2025

A+
Mortgage Types and Financial Concepts Adjustable Rate Mortgages (ARMs) • ARMs have an initial fixed interest rate for a specified period, typically ranging from one month to ten years, after which the rate adjusts at predetermined intervals. • The adjustment can lead to either an increase or decrease in the interest rate, impacting monthly payments significantly. • Commonly used in situations where borrowers expect interest rates to remain stable or decrease over time, making them attr...
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