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3/1 ARM
Moderators: Mortgage-X

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   Types of Loan Programs-> Types of Loan Programs ~ General QuestionsMessage format
 
nhampton
Posted 3/17/2005 10:57 AM (#111)
Subject: 3/1 ARM
On a 3/1 ARM, what is a 2/2/6 cap? Please respond ASAP!
Alex
Posted 3/17/2005 4:44 PM (#112 - in reply to #111)
Subject: RE: 3/1 ARM
I'm throwing a guess out there. Up to 2% increase or decrease at first adjustment, up to 2% per adjustment thereafter not to exceed the 6% Life Cap increase? Or it could be 2% increase/decrease per adjustment after 2 years with a 6% life cap.
Rick
Posted 3/17/2005 6:08 PM (#113 - in reply to #112)
Subject: RE: 3/1 ARM
A 3/1 ARM is usually fixed for the for the 3 years. The caps are usually 2% per year. The 1 could be a 1 year arm which adjusts annually not to exceed 2% movement max.
Grant
Posted 3/28/2005 5:29 PM (#139 - in reply to #111)
Subject: RE: 3/1 ARM
The caps you listed are as follows. 2% first adjustment cap, 2% adjustment cap in each subsequent adj period, and 6% lifetime cap. The 3 in the loan's title indicates your fixed period, the 1 indicates the number of times it will adjust annually after the initial fixed period. There are different indexes for these ARMs, so research the historical values on them all, and choose an ARM which has had the least dramatic fluctuations in the index which it is based on.
Guest
Posted 4/16/2005 7:03 PM (#177 - in reply to #111)
Subject: RE: 3/1 ARM
On a 3/1 ARM, is it a fixed interest + principal for 3 yrs --> adjusts every year after that and is also interest + principal?
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