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Glossary of Terms

Adjustable-rate mortgage (ARM): A mortgage that starts out with one interest rate for a period of time and then “resets” to a new interest rate.
What you should know: The starting interest rate is often enticingly low. The new interest rate will be higher — and your monthly loan payments will get bigger. That’s called payment shock.

2-28 ARM: An adjustable-rate mortgage that has a fixed interest rate for ... (more)

 
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