One E. Broward Blvd. Suite 1503 Ft. Lauderdale, FL 33301
110 E Atlantic Avenue Delray Beach, FL  33444
Fixed Period Adjustable Rate Mortgages.

There are mortgages available that start out as a
Fixed rate mortgage (FRM) for a pre-determined
period then becomes adjustable (ARM).
The most common are:

2/28 – Fixed for the first 2 years then adjusts for
the remainder of the loan term.
3/27 – Fixed for the first 3 years then adjusts.
5/25 – Fixed for the first 5 years then adjusts.
2/28, 3/27 and 5/25 Adjustable Rate Mortgage (ARM) Loans
With 2/28, 3/27 and 5/25 ARMs, your interest rate is fixed for the first two,
three or five years after the note date (the number before the slash refers to
the number of years that the initial rate is fixed), after which the interest
rate can change every year to the index value plus the margin (subject to
the interest rate caps).
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