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ARM Loans and InterAgency Guidelines
Mortgage Library: Ask a Mortgage Related Question: Answers: ARM Loans and InterAgency Guidelines
I was thinking about taking an ARM loan due to my current tight budget and was told that there are new "InterAgency Guidelines"
that change the way ARM loans are underwritten. I was told ARM loans need to take the fully indexed, fully
amortized payment into account, but I'm not sure exactly what that means. I'm
guessing the index is referring to the index the loan is tied to (in this case, 6-month LIBOR) but is it the index as of today,
or some projected index 5 years from now? I'm just trying to figure out what I can truly afford and don't want to be "sold"
on what I can afford.
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