Secure option ARM
Secure option ARM
Secure option ARM is a real estate mortgage loan that's characterized by payment options and an initial fixed-rate period followed by an adjustable-rate period. For a specified period of time, the borrower has the option to make one of generally three payment amounts. Making the lowest amount results in negative amortization; making the middle amount pays only the monthly interest; and making the largest amount reduces the principal balance. Because the mortgage carries a fixed-rate initially, these payment levels remain stable unless the negative amortization limit is reached. At some point, the fixed-rate period will end, and the loan will convert to an adjustable rate.
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National Rates
| Loan Type | Today |
|---|---|
| 30 yr fixed |
|
| 15 yr fixed |
|
| 5/1 ARM | 3.99 |
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