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Monthly Interest-Only Payments
Mortgage Library: Ask a Mortgage Related Question: Answers: Monthly Interest-Only Payments
T., it makes sense that you'd receive conflicting answers on how additional payments to principle would affect your monthly payments because there are many different ARM products. It all depends on how often the loan recasts. Some loans recast every year for the first ten years, some recast only after the fixed period. I don't know of any ten year ARMs that recast monthly. Some Option ARMs recast monthly, but not 10/1 ARMs.
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