| after which the loan reverts to a variable rate (which makes the loan an ARM). In an ARM, the interest rate is fixed for a period of time, after which it will periodically home loan mortgage company or monthly) adjust up or down to some market index. Common indices in the U.S. include the Prime Rate, the LIBOR, and home loan mortgage company Treasury Index ("T-Bill"). Other indexes like 11th District Cost of Funds Index, COSI, and MTA, are also available but are less popular. Adjustable rates transfer part of the interest rate risk from the lender to the borrower, and thus are widely used where unpredictable interest rates make fixed rate loans difficult to obtain. Since the risk is transferred, lenders home loan mortgage company usually make the initial interest rate of the ARM's note anywhere from 0.5% to 2% lower than the average 30-year fixed rate. In most scenarios, the savings from an ARM outweigh home loan mortgage company risks, making them an attractive option for people who are planning to keep a mortgage for ten years or less. A partial amortization or balloon loan is one where the amount of monthly payments due are calculated (amortized) over a certain term, home loan mortgage company the outstanding principal balance is due at some point short of that term. A balloon loan can be either a Fixed or Adjustable in terms |  |
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