| home to another. The risks If a calculate monthly mortgage payment is inconsistent in their on time payment history, afflicted by tragedy which causes a credit problem, or keeps insufficient funds in reserve (the payment savings from the lower rate for example), as referenced above, the rates in Hybrid ARMs will certainly rise, and with insufficient credit and income, the borrower may be forced to trade equity for time, and in some markets, not as advantageously as today. Terminology Fully Indexed Rate - The price of the ARM as calculated by adding Index + Margin = Fully Indexed calculate monthly mortgage payment This is the interest rate your loan would be at calculate monthly mortgage payment a Start Rate (the introductory special rate for the initial fixed period). This means, your loan would be higher today if it was adjusting, typically, 1-3% higher than the introductory rate. Calculating this is IMPORTANT for ARM buyers, since it |
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