Full Form of ARM 3/1
| Full Form: | Adjustable Rate Mortgage, 3 years overall, adjustable every 1 year |
|---|---|
| Category: | Business & Finance |
| Sub Category: | Accounting |
What is ARM 3/1 Full Form?
ARM 3/1 is full form Adjustable Rate Mortgage, 3 years overall, adjustable every 1 year
What is Adjustable Rate Mortgage, 3 years overall, adjustable every 1 year?
A 3/1 adjustable-rate mortgage (ARM) is a 30-year mortgage product that carries a fixed interest rate for the first three years and a variable interest rate for the remaining 27 years. After the initial three-year fixed period, the interest rate resets every year.